WeWork India, in an exchange filing on Thursday, announced plans to develop the ground-mounted solar power plant as it aims to transition to 100% renewable electricity by March 2028.
The company said the plant is targeted for commissioning in the current fiscal year and is expected to generate about 15 to 16 million units of clean electricity annually.
Once operational, it is expected to increase the share of renewable electricity across WeWork India’s portfolio from nearly 40% to around 50%, the company said.
Close to 80% of the plant’s output will support WeWork India’s operations, including 10 centres in Bengaluru, while the remaining 20% of the plant’s output will be used for its future growth, the exchange filing said.
WeWork India said Bengaluru represents its largest market with 30 operational centres. Karnataka accounts for approximately 30% of its total electricity consumption across the company’s portfolio.
WeWork India’s managing director and CEO, Karan Virwani, also said Bengaluru is the company’s largest market, making it the natural starting point for an investment of this scale.
“Building our own renewable generation capacity allows us to do both – reduce the carbon footprint of our operations while creating greater certainty over energy costs for the next 25 years. This is the kind of long-term investment we believe can make sustainability an integral part of how we scale, rather than an initiative that sits alongside the business,” Virwani said.
WeWork India reported its first-quarter earnings in July. Its net loss narrowed to ₹4.3 crore from ₹14.1 crore in the previous year. Revenue rose 27.7% to ₹705 crore from ₹535.3 crore last year.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 30.4% to ₹438 crore from ₹336 crore and its margin expanded to 64.04% from 62.7% in the year-ago period.
Shares of WeWork India gained 3.8% to hit an intraday high of ₹679.9 apiece on Friday. The stock was up 3.1% at ₹674.85 apiece at 12.55 pm. It has declined 8.5% in the past month but is up 45.3% in the last six months and up 10.9% this year, so far.
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