EQT retains Zelestra India, appoints Parag Sharma as new CEO

European alternative asset manager EQT has decided to retain its India operations of renewable developer Zelestra, transferring the business to its Asia Pacific infrastructure team led by Hong Kong-based partner Ken Wong, according to a report by Mint. This marks a shift from its earlier plan to sell Zelestra India.

As part of the new strategy, EQT will invest around $600 million to expand and develop Zelestra India’s renewable energy portfolio. The approach follows a model previously applied to O2 Power, a venture backed by EQT and Temasek, combining significant capital investment with internal management to drive growth.

In line with the new strategy, EQT has appointed Parag Sharma as the new Chief Executive Officer of Zelestra India. Sharma, the co-founder and former CEO of O2 Power, replaces Sajay K.V. and brings extensive experience in the power sector. His leadership is expected to guide Zelestra India’s expansion and strengthen its position in India’s renewable energy market.

Zelestra India, under this renewed focus, will aim to scale its operations and deploy the committed capital to accelerate project development across the country. The move underscores EQT’s long-term commitment to the Indian renewable energy sector, reflecting broader trends of global investors actively expanding and consolidating their presence in India’s clean energy space.