Indus Towers announced on Friday that it has entered into a Power Purchase Agreement with JSW Green Energy Eight Limited, a special purpose vehicle (SPV), to source renewable energy from a Solar PV plant under the Captive mode. The company plans to invest approximately Rs 38.03 crore through subscription to equity shares of the SPV. This investment is in line with the Electricity Act, 2003, the Indian Electricity Rules, 2005, and the Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022, along with their amendments.
Under this agreement, the company will procure 130 MW of renewable energy from the Solar PV power plant, reflecting the company’s commitment to sustainable energy procurement and its Net Zero targets. The acquisition will give Indus Towers a 26% ownership stake in the SPV. Earlier this month, Vodafone Group announced its plan to divest its remaining 3% stake in Indus Towers through an accelerated book build offering.
JSW Green Energy is a key player in India’s renewable energy sector, driving the transition towards a sustainable future with innovative solutions across solar, wind, and hybrid energy projects. Backed by the JSW Group, a leading conglomerate with diversified businesses, JSW Green Energy is committed to delivering clean, reliable, and cost-efficient power. The company focuses on leveraging advanced technology and efficient project execution to support India’s renewable energy goals and reduce carbon footprints across industries.
Indus Towers, India’s largest telecom infrastructure provider, plays a crucial role in enabling seamless communication by offering robust and scalable network solutions. Serving telecom operators nationwide, Indus Towers is committed to sustainability and operational excellence. Through strategic partnerships, such as its recent collaboration with JSW Green Energy, Indus Towers is actively working to power its operations with green energy, reinforcing its dedication to reducing environmental impact and supporting India’s clean energy mission.
