EQT, the global investment organization, has decided to scrap the sale of its Zelestra India platform and instead is planning a significant $600 million push in the Indian market. To spearhead this new initiative, EQT has brought in Parag Sharma, the former CEO of O2 Power, a renewable energy platform that EQT sold to JSW Group in December 2024.

EQT's initial plan involved divesting Zelestra India, but the firm has now shifted its strategy to carve out Zelestra as a separate company. This change in direction signals EQT's confidence in the Indian market and its commitment to developing Zelestra India on the lines of O2 Power.

Parag Sharma's appointment is a strategic move by EQT, considering his proven track record in the renewable energy sector. Sharma founded and led O2 Power, which was established in November 2019 with $500 million in investments from EQT and Temasek. Under his leadership, O2 Power became a prominent player in India's renewable energy sector, achieving a total capacity of 4.7 gigawatts. In December 2024, EQT and Temasek sold O2 Power to JSW Neo Energy for $1.5 billion.

Prior to his role at O2 Power, Sharma served as the COO at ReNew Power and has over 25 years of experience in the power sector. He also holds an MBA from IIT Delhi, an LLB from Delhi University, and an Electrical Engineering degree from AMU. Sharma's expertise extends to industry associations, where he has served as Chairman at CII and President at WIPPA.

EQT's decision to retain and develop Zelestra India reflects the attractiveness of the Indian renewable energy market. The Indian government's ambitious targets of achieving 500 gigawatts of installed renewable capacity by 2030 drive this growth. EQT's investment in O2 Power aligns with the company's thematic investment focus on energy transition infrastructure and renewable platforms. O2 Power focused on developing utility-scale and C&I renewable projects across solar, wind, and hybrid technologies.

The previous sale of O2 Power to JSW Energy for $1.4 billion marked EQT's first infrastructure exit in the Asia Pacific region. O2 Power was established in 2020 by EQT and Temasek and grew to become one of India's largest renewable energy platforms. The company has secured a total capacity of 4.7 gigawatts since its inception.

With Parag Sharma at the helm, EQT aims to replicate the success of O2 Power with Zelestra India. This new venture signifies EQT's continued commitment to the Indian renewable energy sector and its confidence in the country's potential for sustainable growth.