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Zelestra Plans $400–500 Million India Exit Amid Global Debt Focus

Zelestra, a global renewable energy firm backed by EQT, is preparing to sell its India business in a deal estimated at $400–500 million. The company has approached major potential buyers, including Brookfield, JSW Group, Sembcorp, Serentica, and Macquarie, with formal sale proceedings expected to commence in the coming weeks. JP Morgan is advising Zelestra on the transaction.

Zelestra holds a portfolio of over 3 GW in India, spanning solar, wind, and battery energy storage hybrid projects. The potential divestment aligns with a broader trend of global investors, such as Vibrant Energy and Statkraft, monetizing their Indian energy assets due to high local valuations. The sale will help Zelestra streamline its global operations and reduce debt by leveraging India’s strong market multiples.

India continues to attract international interest in renewables as it targets 500 GW of renewable energy by 2030 and aims for net-zero emissions by 2070. With favorable market dynamics and government support, India’s renewable sector remains a lucrative opportunity for strategic and private equity investors looking to expand their green energy footprint.