Zelestra looks to sell India biz for $400-500 mn

“The initial outreach has been made. The formal process is likely to kickstart soon with the information memorandums to be sent out in the next few weeks,” one of the three people said on the condition of anonymity. JP Morgan is helping the EQT-backed company find buyers, the person added.

Spokespersons for Brookfield, Macquarie and Zelestra declined comment, while queries to Serentica, JSW Group and Sembcorp remained unanswered.

Zelestra is the latest global energy firm banking on high local valuations to sell India asserts and reduce debt. Many companies in the renewable and energy space owned by global PEs or strategic investors such as Vibrant Energy and Statkraft Group have been looking to sell their India portfolios as well.

A deal is likely to peg Zelestra’s enterprise value at $400-500 million, the second person cited above said. “The company wants to sell its India business because it wants to focus on its core markets and take advantage of the high valuation multiples in the Indian market to sell the asset and generate liquidity. This will help them pare debt on their global books,” the person added.

The Zelestra Group website says its Indian projects include hybrid projects that combine solar, wind, and battery energy storage. It has more than 3 GW worth of India projects in development and operation.

The Zelestra group oversees around 3.8 GW of renewable energy projects in operation and under construction globally, a March 2025 ratings release by Care Ratings said. In India, it is targeting over 5 GW of new projects, while currently having an operational capacity of solar projects of 150 megawatt peak (MWp) and 435 MWp capacity under construction. Zelestra is backed by EQT AB group, a private equity fund house managed by the Sweden’s Wallenberg family, and operates primarily in the European and the US markets. EQT holds around 92% in Zelestra Group.

There is significant interest among private equity and domestic strategic buyers in India’s renewable energy space. India is aiming at net-zero emissions by 2070, with key targets of 500 GW renewable energy in India by 2030 and a 45% reduction in GHG emissions intensity.

India’s renewable energy capacity grew from 78 GW in FY14-15 to 199 GW in FY 2023-24, with solar accounting for 80% of new capacity. To meet its 500 GW target by 2030, 90 GW is under construction and 44 GW in development. The government plans to tender 50 GW annually until FY27-28. This is likely to see a lot of M&A, PE investments and consolidation activity in the near term, experts predict.