Zelestra looks to sell India biz for $400-500 million
Zelestra, a multinational energy company, said that he heard Brookfield, JSW Group, Sembcorp, Serentica and Macquarie for the potential sale of India business.
“The first access was made. The official process is likely to start with the information memorandum to be sent within the next few weeks.” He said. JP Morgan helps the EQT -backed company find buyers.
Brookfield, Macquarie and Zelestra’s spokespersons rejected the interpretation, Serentica, JSW Group and Sembcorp’a queries were not answered.
Zelestra is the latest global energy company in terms of high local values to sell India’s debts and reduce debts. Many renewable and energy companies want to sell their portfolios of India, with strategic investors such as global PES or Vibrant Energy and Statkraft Group.
The second person mentioned above said that an agreement would fix the corporate value of Zelestra as $ 400-500 million. “The company wants to sell India’s business because it wants to benefit from the high valuation floors in the Indian market to focus on its basic markets and to sell the existence and to produce liquidity. This will help them open his debt in his global books.”
The Zelestra Group website says Indian projects include hybrid projects that combine solar, wind and battery energy storage. It has a 3 GW Indian project in development and operation.
A March 2025 ratings made by maintenance ratings said that the Zelestra group controls approximately 3.8 GW renewable energy project in globally operational and under construction. In India, it currently has an operational capacity of 150 Megawatt Summit (MWP) and 435 MWP capacity solar projects, while more than 5 GW is targeting new projects. Zelestra is supported by the EQT EU Group, a private capital fund house ruled by the Wallenberg family of Sweden, and operates primarily in European and US markets. EQT is 92% in Zelestra Group.
There is a significant interest between private capital and domestic strategic buyers in India’s renewable energy. India targets net zero emissions by 2070 by 2070, and by 2030, the main objectives of 500 GW renewable energy in India and a 45% decrease in GHG emission density.
India’s renewable energy capacity increased from 78 GW to 199-15 in 2023-24 fiscal year, and solar energy made up 80% of the new capacity. 90 GW is under construction to meet the 500 GW target until 2030 and 44 GW has been developed. The government plans to tender 50 GW a year until the 27-28 fiscal year. Experts are likely to see a large number of merger and purchasing, PE investments and consolidation activities in the near term.
