L&T signs MoU with ACWA Power for a project in Saudi Arabia; shares gain 1.5% in a month

“The MOU aims to establish a collaborative framework to design and reach the best configuration and achieve the performance targets for the Renewables & Grid scope. The cooperation involves a commitment from Larsen & Toubro to enter into an EPC contract once the final proposal is accepted,” L&T said in a regulatory filing.

The collaboration leverages L&T’s proven expertise in engineering, procurement, and construction (EPC) to ensure seamless integration of diverse renewable technologies, while setting new benchmarks in safety, quality, sustainability, and performance.

The Yanbu Green Hydrogen Hub is designed as a fully integrated facility with captive renewable power sourced exclusively from solar and wind. The project's Renewables & Grid scope includes solar PV, wind energy, and battery energy storage systems, supported by substations and transmission lines.

Commenting on the development, Marco Arcelli, Chief Executive Officer at ACWA Power, said, “By developing and exporting green ammonia, we aim to support international markets in their decarbonisation efforts and pave the way for a cleaner, more sustainable world.”

At 1:46 PM, shares of L&T were trading at ₹3,649.90 apiece, falling 0.69%. The stock had touched an intraday low of ₹3,647.50.

Over a week’s time, L&T shares have gained 3%, while for a month’s time, they have surged 2%. The stock has zoomed nearly 7% in 6 months. For a month’s time, it has advanced 1.5%.

Last week, the infrastructure major bagged multiple orders. On September 19, L&T’s Construction Equipment and Industrial Products Design & Development (CE & IPDD) vertical secured multiple orders across the diverse segments it serves worth ₹1,000 to ₹2,500 crore.

Its construction equipment (CE) business unit has received long-term after-sales support orders from major coal and cement producers in India towards the supply of Komatsu mining equipment. 

Further, the Rubber Processing Machinery (RPM) business unit of CE & IPDD has won multiple orders from leading tyre manufacturers in India.

Apart from this, L&T Valves has secured multiple orders for polyvinyl chloride (PVC) and chlorinated polyvinyl chloride (CPVC) projects from major domestic companies.