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Blackstone Plans $500M Clean Energy Foray with O2 Power Cofounder

Blackstone, the world’s largest private equity firm, is in advanced talks with Parag Sharma, cofounder and former CEO of O2 Power, to establish a new renewable energy platform in India. Sharma, also a former COO of ReNew Power, recently sold O2 Power to JSW Energy for $1.5 billion and is now preparing for his next entrepreneurial venture. If finalized, this collaboration would mark Blackstone’s entry into India’s greenfield infrastructure investments in clean energy.

The proposed platform is expected to receive at least $500 million in seed equity capital from Blackstone and could be launched later this year. This aligns with Blackstone’s growing focus on infrastructure investments, with a portfolio valued between $64 billion and $198 billion, covering digital infrastructure, transportation, and renewable energy. In India, Blackstone’s infrastructure expansion will be spearheaded by Ami Momaya, who is leading its infra foray.

This development signals a major boost for India’s renewable sector, as global investors continue to back clean energy growth. For Sharma, it represents the beginning of a new entrepreneurial chapter after successfully scaling and exiting O2 Power. The move is likely to add momentum to large-scale renewable energy projects and further strengthen investor confidence in India’s energy transition.