Zelestra explores $400–500 million India exit amid market optimism

Multinational energy firm Zelestra is preparing to sell its India business, estimated at $400–500 million, and has approached Brookfield, JSW Group, Sembcorp, Serentica, and Macquarie as potential buyers, reported Mint. The company has appointed JP Morgan to advise on the sale.

The portfolio includes over 3 GW of hybrid renewable projects combining solar, wind, and battery storage. These projects are either operational or under development.

Zelestra’s move reflects a wider trend of global energy firms monetising Indian assets to benefit from strong valuations. Several foreign investors, including Vibrant Energy and Statkraft Group, are reportedly exploring similar exits. The aim is to refocus on core markets while reducing debt through divestment.

Zelestra is owned by EQT, a Sweden-based private equity group. India’s renewable energy market, supported by the national goal of 500 GW non-fossil capacity by 2030, continues to attract global capital and strategic investments.