IHS Towers, a leading telecom tower company, announced it will spend $214 million between 2022 and 2024 as part of its carbon reduction roadmap.

IHS Towers, as part of the carbon reduction strategy, has set a goal to reduce the Scope 1 and Scope 2 kilowatt-hour emissions intensity of its tower portfolio by 50 percent by 2030, using 2021 emissions data as the baseline.

The telecom company, under the Project Green, the next step of its Carbon Reduction Roadmap, aims to deliver annual Recurring Levered Free Cash Flow (RLFCF) savings of $77 million in 2025. This is expected to generate an implied return on investment of 30 percent.

IHS Towers is raising its 2022 Capex guidance. The telecom tower company expects to spend $645-685 million as against the previous guidance of $545-585 million, including $110 million of the $214 million spent for Project Green.

IHS Towers today said it will achieve savings by connecting more sites to the electricity grid and via the deployment and integration of battery storage and solar panel solutions. In scope for Project Green are IHS Towers’ operations in Cameroon, Cote d’Ivoire, Kuwait, Nigeria, Rwanda, and Zambia where reliance on diesel generators has been traditionally greater.

Sam Darwish, IHS Towers Chairman & CEO, said: “Our Carbon Reduction Roadmap is the next step in our journey to reduce our carbon footprint by setting tangible emissions targets.”