Indus Towers, JSW Arm Invest Rs. 38.03 Cr For 130 MW Solar Project

Indus Towers, JSW Arm Invest Rs. 38.03 Cr For 130 MW Solar Project

Indus Tower, a Haryana-based telecom tower company today entered into a power purchase agreement (PPA) with JSW Green Energy Eight Limited, a special purpose vehicle (SPV). Under this agreement, Indus Tower would receive 130 MW of renewable energy from a solar power plant under captive mode. The company also agreed to make approximately Rs 38.03 crores of investment.   

Subject to all regulatory approvals for the power plant, the project is expected to be completed by March’26. Under the agreement, Indus Tower would build, develop, accumulate, purchase, and sell electrical power or any other energy by using conventional and/or non-conventional methods. 

JSW Previous Acquisitions

Earlier this year, JSW Neo Energy Limited (JSWNEL), a JSW Energy Limited subsidiary, signed a definitive agreement, to acquire three Special Purpose Vehicles (SPVs) from Hetero Labs Limited and Hetero Drugs Limited (Hetero Group). These SPVs collectively hold a cumulative wind energy generation capacity of 125 megawatts (MW). The three SPVs were acquired by Hetero Wind Power, Hetero Wind Power (Pennar), and Hetero Med. Together these projects can generate Rs. 143.5 crore revenue during the financial year (FY) 2023-24.

The company’s subsidiaries have previously undertaken projects in Maharashtra, such as JSW Renew Energy Six Limited and JSW Renew Energy Thirty Limited, step-down subsidiaries of JSW Energy Limited have collaborated with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for STU-connected Solar-Wind Hybrid Capacity.

The company also signed PPAs for two hybrid projects, each with a capacity of 600 MW, totaling 1,200 MW. The Letters of Award for these projects were received on August 29, 2024, and September 10, 2024, respectively. These agreements are set for 25 years at a tariff of ₹3.60/kWh.

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