Gurugram-based mobile tower installation company Indus Towers will source 50 MW of renewable energy from Amplus Tungabhadra, a special purpose vehicle of Amplus Energy, in captive mode.

The company will invest ₹270 million (~$3.1 million) to acquire a 26% stake in Amplus Tungabhadra on a fully diluted basis.

Amplus Tungabhadra will set up a 50 MW solar captive power project for Indus Towers. The project is expected to be completed by February 2026.

Indus Towers, which operates 229,659 towers and 379,236 co-locations, had 15,535 sites equipped with solar systems as of last year. It powered 276 sites with solar and wind microgrids.

In its annual report 2023-24, the company has also signed a power purchase agreement and a shareholder’s agreement for 8.3 MW with Amplus in Karnataka.

It has targeted expanding its renewable energy portfolio under green energy open access for a capacity of up to 3.5 GW.

The company aims to turn net zero by 2050 and plans to expand its renewable energy portfolio to GW scale. Currently, the company’s installed solar capacity is 76 MW. It is aiming to have 25,000 solar sites by 2025.

Eleven of Indus Towers’ warehouses are run entirely by solar energy.

The company said renewable energy integration and the use of energy storage solutions has led to a significant decrease in diesel usage.

Last year, the company announced it would procure 130 MW of solar energy from JSW Green Energy Eight, a special purpose vehicle of JSW Energy. The two companies have signed a power purchase agreement to procure power in captive mode. Indus also proposed to invest approximately ₹380.3 million (~$4.4 million) to acquire 26% equity shares in the special purpose vehicle.

In March 2024, 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.