Indus Towers, a subsidiary of Bharti Airtel, has entered into a Power Purchase Agreement (PPA) with JSW Green Energy Eight Limited, a special purpose vehicle (SPV), to procure renewable energy from a solar photovoltaic (PV) plant under the captive mode. The agreement, signed on December 12, 2024, marks a step towards enhancing the Company's commitment to sustainability and green energy.
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Investment in JSW Green Energy Eight
In addition, Indus Towers will acquire a 26 percent stake in JSW Green Energy Eight Limited for a cash consideration of Rs 38.03 crore by subscribing to equity shares of the SPV, the telecom tower company informed exchanges on Friday.
"The Company, on December 12, 2024, has entered into a Power Purchase Agreement with JSW Green Energy Eight Limited, a special purpose vehicle (SPV), for the procurement of renewable energy from Solar PV plant, under Captive mode," Indus Towers said in a BSE filing on Friday.
"...the Company will also enter into an agreement for a proposed investment of approximately Rs 38.03 crores, through the subscription to equity shares of the SPV, in accordance with the provisions of the Electricity Act, 2003, the Indian Electricity Rules, 2005, Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022 and amendments thereof," Indus Towers further added.
Sustainability and Net-Zero Goals
As per the PPA with the SPV, Indus Towers will receive 130 MW of renewable energy from the solar PV power plant. "This acquisition aligns with Indus’ renewable energy objectives, supporting the procurement of sustainable energy and advancing its net zero goals."
The deal is subject to regulatory approvals for the power plant, with an expected completion timeline of March 2026, the tower company noted.
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JSW Green Energy Eight
JSW Green Energy Eight was set up in October 2024 with an objective to build, develop, own, generate, supply, accumulate, transmit, distribute, store, purchase, sell electrical power or any other energy by using conventional and/or non-conventional methods, Indus added in the exchange filing.
