**Zelestra Explores Sale of India Business Amid High Valuations**
Multinational energy company Zelestra is in discussions with potential buyers, including Brookfield, JSW Group, Sembcorp, Serentica, and Macquarie, regarding the sale of its operations in India, according to sources familiar with the matter. Initial outreach has been conducted, and a formal sales process is expected to commence soon, with information memorandums set to be distributed in the coming weeks. JP Morgan is assisting Zelestra, which is backed by EQT, in identifying suitable buyers.
While representatives from Brookfield, Macquarie, and Zelestra declined to comment, inquiries directed to Serentica, JSW Group, and Sembcorp went unanswered. Zelestra joins a growing list of global energy firms looking to capitalize on high local valuations to divest their Indian assets and reduce debt. Other companies in the renewable energy sector, including Vibrant Energy and Statkraft Group, are also exploring sales of their Indian portfolios.
The anticipated deal could value Zelestra’s India business between $400 million and $500 million. The company aims to streamline its focus on core markets and leverage the favorable valuation multiples in India to generate liquidity, which will aid in reducing its global debt.
Zelestra’s Indian projects encompass hybrid initiatives that integrate solar, wind, and battery energy storage, with over 3 GW of projects currently in development and operation. Globally, Zelestra manages approximately 3.8 GW of renewable energy projects, as noted in a March 2025 ratings release by Care Ratings. In India, the company is targeting the development of over 5 GW of new projects, with an operational capacity of 150 megawatts peak (MWp) in solar energy and an additional 435 MWp under construction.
EQT AB, a private equity firm managed by Sweden’s Wallenberg family, holds around 92% of Zelestra Group. The renewable energy sector in India is attracting significant interest from private equity and domestic strategic buyers, especially as the country aims for net-zero emissions by 2070. India has set ambitious targets of achieving 500 GW of renewable energy capacity by 2030 and reducing greenhouse gas emissions intensity by 45%. The country’s renewable energy capacity has surged from 78 GW in FY14-15 to 199 GW in FY 2023-24, with solar energy accounting for 80% of the new capacity. To meet its 500 GW target by 2030, 90 GW is currently under construction, and 44 GW is in development.
**FAQ**
*What is Zelestra’s strategy for its India business?*
Zelestra is looking to sell its India operations to focus on core markets and take advantage of high local valuations, which will help reduce its global debt.
