Indus Towers, a Haryana-based mobile tower installation company, will procure 130 MW of solar energy from JSW Green Energy Eight, a special purpose vehicle (SPV) of JSW Energy.

The two companies have signed a power purchase agreement for the power procurement in captive mode.

Indus has also proposed to invest approximately ₹380.3 million (~$4.4 million) to acquire 26% equity shares in the SPV. The acquisition aligns with the company’s sustainability and net zero goals by 2050.

Indus Towers provides coverage in all 22 telecom circles in India with 229,659 towers and 379, 236 co-locations as of September 2024.

In March, Indus Towers signed a memorandum of understanding with NTPC Green Energy to develop grid-connected renewable energy-based power projects, including solar, wind, energy, and storage.

The company aims to expand its renewable energy portfolio in a phased manner to GW-scale capacity to power its operations spread across the country as a part of its net zero commitments.

Indus is also exploring wind-solar hybrid solutions to support its non-grid sites.

Indus Towers has 1,496 sites equipped with solar systems as on March 31, 2023. It sourced 10,279 GJ of energy from renewable sources.

The company has 213 sites powered by solar/wind microgrids, enabling them to decentralize power generation to localized renewable energy generation, ensuring a reliable and sustainable power supply for remote or off-grid locations.

It is also exploring group net-metering in Delhi to harness solar energy to adopt renewable power on a larger scale.

In 2023, according to Bloomberg New Energy Finance’s Corporate Energy Market outlook report, corporations announced a record 46 GW of solar and wind contracts in 2023, with a 12% year-over-year increase from 41 GW in 2022.