Zelestra Plans $500 Million Exit from India Renewables Amid Growing Investor Interest – EQ
In Short : Zelestra, backed by EQT, plans to sell its India renewable energy business for $400–500 million. The portfolio includes over 3 GW of solar, wind, and battery storage assets. JP Morgan is leading the sale process, with interest from Brookfield, JSW, and others. The move aligns with sector consolidation and Zelestra’s strategy to streamline global operations.
In Detail : Zelestra, backed by private equity firm EQT, is planning to exit its India renewable energy business with an estimated deal value between $400 to $500 million. The company is looking to streamline its global operations and reduce debt through this strategic divestment.
JP Morgan has been appointed to manage the sale process and has started reaching out to potential buyers. Interest has already emerged from major players like Brookfield, JSW Group, Sembcorp, Serentica Renewables, and Macquarie Group.
The India portfolio includes over 3 GW of operational and under-development renewable energy assets. This comprises solar, wind, and battery energy storage projects, with a key highlight being a 500 MW hybrid project in Solapur set for commissioning by 2027.
In addition to the operational assets, Zelestra also has a pipeline exceeding 5 GW. Notably, it has signed power purchase agreements such as a 16.2 MW corporate PPA with Daimler India and a 430 MW hybrid-plus-storage project with SJVN.
This move comes amid growing consolidation in India’s renewable energy sector, where companies are monetizing assets at attractive valuations. The sale is expected to draw strong interest from global investors seeking long-term positions in India’s clean energy market.
With India targeting 500 GW of renewable energy capacity by 2030, the timing of Zelestra’s exit aligns with investor optimism and a broader push for sustainable infrastructure. The transaction could mark one of the major clean energy M&A deals of the year.
