Indus Towers will acquire a 26% stake in JSW Green Energy Eight Ltd, a special purpose vehicle (SPV) involved in the renewable energy space, for a cash consideration of Rs 38.03 crore, the telecom tower company informed exchanges Friday.
Indus has also inked a power purchase agreement (PPA) with JSW Green Energy Eight for procurement of renewable energy from the Solar PV plant, under captive mode.
“…the company will enter into an agreement for a proposed investment of approximately Rs 38.03 crore, 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 said in a BSE filing Friday.
The deal is subject to all regulatory approvals for the power plant, and the indicative time of completion is March 2026, the tower added.
Indus said that as per the PPA with the SPV, it 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.”
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.
Source: Economic Times