Seeking to expand its renewable energy platform, Blackstone is negotiating the purchase of Zelestra’s Indian portfolio.
Blackstone Inc. is in talks to acquire the Indian operations of multinational renewable energy company Zelestra in a transaction that could be valued at around $421 million, Mint reported, citing people familiar with the matter.
The deal, internally referred to as Project Orange, is being managed by JP Morgan on behalf of Zelestra, which is majority-owned by European investor EQT. The Indian portfolio could be valued at about $184 million in equity, with an enterprise value estimated at $421 million, the report said.
Zelestra India currently has 600 megawatts (MW) of operational capacity and another 2 gigawatts (GW) of contracted projects, of which 1.5 GW is under construction. The platform aims to scale to 8.6 GW by 2031, according to Mint.
One source told the paper that Blackstone, which manages $1.2 trillion globally, plans to establish a fresh renewable energy platform in India. The firm has already invested more than $50 billion across the country in sectors including real estate, data centres, healthcare, technology, and private equity.
The reported negotiations follow other large renewable transactions in India, including JSW Neo Energy’s $1.47 billion purchase of O2 Power from EQT and Temasek last year. Zelestra had also held discussions with Brookfield, JSW Group, Sembcorp Industries, Serentica, and Macquarie over a possible divestment, Mint noted.
Zelestra, with a global portfolio of 29 GW across 13 countries, has operated in India since 2015, developing hybrid, storage, and solar projects aimed at supplying both utilities and commercial and industrial consumers.
