Blackstone Eyes Zelestra India in $421 Million Move to Power Up Renewable Energy Ambitions
In an exciting development for India’s renewable energy landscape, global investment giant Blackstone is reportedly in talks to acquire the Indian arm of Zelestra, a leading multinational renewable energy company. The potential transaction, valued at approximately $421 million on an enterprise basis, signals Blackstone’s growing commitment to India’s booming clean energy sector.
Zelestra India, which boasts 600 megawatts (MW) of operational capacity alongside an additional 2 gigawatts (GW) of contracted projects—with 1.5 GW already under construction—represents a strategic addition for Blackstone. The platform is ambitious, aiming to expand its renewable capacity to 8.6 GW by 2031. For Blackstone, this acquisition is more than a financial investment; it is a statement of intent to play a central role in India’s clean energy transition.
The discussions, internally referred to as Project Orange, are being guided by JP Morgan, highlighting the seriousness and scale of the proposed deal. Blackstone, which manages assets totaling $1.2 trillion globally, has been steadily investing in India across sectors such as real estate, data centers, healthcare, technology, and private equity, with a cumulative investment of around $50 billion. Entering the renewable energy space in India aligns perfectly with Blackstone’s long-term growth and sustainability objectives.
Zelestra, backed by European investor EQT, has already made its mark with a 29 GW global portfolio spanning 13 countries. In India, the company has focused on a mix of storage, hybrid, and solar installations, ensuring reliable and dispatchable energy solutions for utilities as well as commercial and industrial clients. These initiatives are particularly attractive in a market where large consumers are increasingly empowered to source power directly rather than rely solely on the grid.
Experts note that India remains one of the most promising markets for renewable energy investment. Sanjeev Aggarwal, founder and executive chairman of Hexa Climate Solutions, emphasizes that while global utilities may currently focus on their home markets, India’s market depth and growth potential make it an irresistible destination for strategic investment. “Once market volatility eases, India’s renewable sector will witness renewed global interest,” he said.
India’s renewable energy targets are ambitious and transformative. With an installed capacity of 245 GW—including 116 GW of solar and 52 GW of wind—India aims to add 50 GW annually to reach 500 GW by 2030. Longer-term plans envision a staggering 1,800 GW by 2047 and 5,000 GW by 2070. This aggressive expansion has fueled a surge in mergers and acquisitions in the sector, with multiple deals and platform sales underway, including Blackstone’s current pursuit of Zelestra India.
Zelestra had previously approached other major players such as Brookfield, JSW Group, Sembcorp Industries, Serentica, and Macquarie regarding the potential sale of its India business, underscoring the strategic importance of the market. The possible Blackstone acquisition would further cement its presence in one of the fastest-growing renewable energy landscapes in the world.
For India, this move represents not only a vote of confidence from one of the world’s leading investment firms but also a step toward accelerating the nation’s renewable energy ambitions, creating jobs, and fostering sustainable development across regions.
Disclaimer: This article is based on publicly available reports and statements from industry sources. The deal between Blackstone and Zelestra India is currently in discussions and may be subject to changes, regulatory approvals, or other conditions
