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Blackstone Eyes Acquisition of Zelestra India in Major Renewable Push

Blackstone Inc., the world’s largest alternative asset manager, is in talks to acquire the Indian operations of multinational renewable energy developer Zelestra. The deal, codenamed Project Orange, is being managed by JP Morgan. According to sources, the acquisition could be valued at an equity price of $184 million and an enterprise value of $421 million.

Zelestra, backed by European asset manager EQT, currently operates 600 MW of renewable capacity in India. In addition, it has a contracted pipeline of 2 GW, with 1.5 GW already under construction. Looking ahead, the company has set an ambitious target to scale up to 8.6 GW by 2031, making it a key player in India’s fast-growing renewable sector.

For Blackstone, this potential acquisition signals a significant move into India’s renewable energy market, where demand for clean power and large-scale investments is accelerating. The firm is reportedly considering building a new renewable energy platform in the country, leveraging Zelestra’s existing assets and growth pipeline.

If finalized, the deal would add momentum to India’s clean energy transition while underscoring growing investor confidence in the sector’s long-term potential.