Global investment firm Blackstone is reportedly in discussions to acquire the Indian operations of Zelestra, a green energy platform backed by EQT, in a deal valued at $421 million. This move aligns with Blackstone's broader strategy to establish a significant renewable energy presence in India, where it already manages approximately $50 billion in assets.

Zelestra's India portfolio includes an operational capacity of 600 MW, with an additional 2 GW contracted, of which 1.5 GW is currently under construction. The company aims to achieve a total capacity of 8.6 GW by 2031. This acquisition would provide Blackstone with a substantial footprint in India's rapidly expanding green energy sector.

Zelestra, supported by the private equity firm EQT, is divesting its India renewable energy business in a deal projected to be worth between $400 and $500 million. The company intends to streamline its global operations and decrease its debt through this strategic sale. JP Morgan has been appointed to manage the sale process and has begun contacting potential buyers. Major players such as Brookfield, JSW Group, Sembcorp, Serentica Renewables, and Macquarie Group have already expressed interest.

Zelestra's India portfolio encompasses more than 3 GW of renewable energy assets that are either operational or under development. These assets include solar, wind, and battery energy storage projects, with a key project being a 500 MW hybrid project in Solapur, which is expected to be commissioned by 2027. In addition to its operational assets, Zelestra has a pipeline exceeding 5 GW and has signed power purchase agreements, including a 16.2 MW corporate PPA with Daimler India and a 430 MW hybrid-plus-storage project with SJVN.

This move occurs amidst increasing consolidation within India's renewable energy sector, where businesses are monetizing assets at appealing valuations. The sale is anticipated to garner substantial interest from global investors seeking long-term positions in India's clean energy market. India is targeting 500 GW of renewable energy capacity by 2030, making the timing of Zelestra's exit well-aligned with investor optimism and a broader push for sustainable infrastructure.

Blackstone's interest in Zelestra's India operations underscores the growing attractiveness of India as an investment destination, particularly in the renewable energy sector. The Indian government's ambitious targets for renewable energy capacity, coupled with increasing demand for clean energy solutions, are driving significant investment and deal activity in the sector.

Blackstone has been actively expanding its investments in India across various sectors. In March 2025, Blackstone acquired up to a 66% stake in Kolte-Patil Developers for ₹1,800 crore, marking its entry into the housing market in India. In July 2025, Blackstone acquired South City Mall in Kolkata for $377 million. Furthermore, Blackstone has acquired a 70% stake in Ace Insurance Broker for over Rs 1700 crores.

Blackstone has designated India as its best investment market globally. The firm intends to increase its exposure in India to $100 billion in the coming years. Blackstone is focusing on infrastructure and energy sectors and is building a dedicated team in India.

The potential acquisition of Zelestra's India operations by Blackstone would be a significant transaction in the Indian renewable energy market, reflecting the increasing confidence of global investors in India's green energy sector.