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Larsen & Toubro (L&T), in consortium with Hitachi Energy, has secured an Ultra-Mega framework agreement

ICICIdirect Research 29 Jul 2026 DISCLAIMER

News: Larsen & Toubro (L&T), in consortium with Hitachi Energy, has secured an Ultra-Mega framework agreement (value >₹15,000 crore) from TenneT for its 2 GW offshore wind HVDC programme in Europe. The agreement covers six projects, including continued execution of IJmuiden Ver Alpha and Nederwiek 1, along with new projects Nederwiek 3 (Netherlands) and LanWin 5 (Germany). Collectively, these projects will deliver 8 GW of offshore power transmission capacity using 525 kV HVDC systems, with L&T responsible for the engineering, procurement, construction and installation of offshore converter platforms.

View: The framework agreement marks a significant win for L&T in the global offshore transmission market, strengthening its international order book and providing multi-year execution visibility. The order supports the company's FY27 order inflow growth guidance of 10–12% and reinforces its strategic positioning in Europe's accelerating offshore wind and HVDC infrastructure build-out, creating opportunities for additional project awards under TenneT's long-term programme.

Impact: Positive

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