Gurugram-based Indus Towers has stated that it has agreed to sign a power purchase agreement (PPA) for 50 MW of renewable energy from Amplus Tungabhadra, a special purpose vehicle (SPV) of Amplus Energy, in captive mode. It will invest ₹270 million (~$3.1 million) to acquire 26% in Amplus Tungabhadra on a fully diluted equity basis. Amplus Tungabhadra will develop the 50 MW solar captive power project, for which the commercial operation date is likely to be by February 2026.
Current Renewable Energy Portfolio and Expansion Plans:
Indus Towers has been one of the operators actively integrating renewable energy solutions in its operations, running 229,659 towers and 379,236 co-locations. At the end of last year, 15,535 sites had solar systems, while 276 sites used a combination of solar and wind microgrids. The company has revealed, through its annual report for the fiscal year 2023-24, that it has entered into a Power Purchase Agreement and a shareholder’s agreement for 8.3 MW with Amplus in Karnataka.
Indus Towers has planned an aggressive green energy expansion, which will take its renewable energy capacity to 3.5 GW under green energy open access. The company has set a net-zero target by 2050 and is working towards achieving a GW-scale renewable energy portfolio.
Growth in Solar Energy Adoption
As of today, Indus Towers has 76 MW of installed solar capacity and aims to scale up to 25,000 solar sites by 2025. Furthermore, eleven warehouses that the company manages are running purely on solar energy. Renewable energy and storage solutions have cut down diesel consumption dramatically, making it a testimony to the commitment to sustainability of the company.
Other Renewable Energy Tie-Ups
In 2023, Indus Towers announced a solar power procurement agreement of 130 MW with JSW Green Energy Eight, an SPV of JSW Energy. The agreement has captive power mode and also includes investment of ₹380.3 million (~$4.4 million) for acquisition of 26% equity in the SPV.
For instance, in the renewable energy space, it signed a MoU with NTPC Green Energy in March 2024 to develop grid-connected renewable power projects, including solar, wind, and energy storage solutions. The aggressive expansion of Indus Towers in the renewable energy space is further taking the country towards a cleaner future, aligning with the green energy objectives of India.
