Zelestra aims to spend $5 billion on clean energy

Madrid-based Zelestra plans to build 10 GW of renewable energy capacity in India by 2030, which is double of its aim of 5GW by 2026, chief executive officer Leo Moreno told ET. The company aims to spend around $5 billion by the end of the decade on renewable energy projects, he said.

The company, backed by private equity firm EQT and present across 13 countries with a 25 GW portfolio, will be looking at project financing as well as equity for the investment.

It will be looking at international and domestic lenders, another company official said.


The multi-technology renewable energy company is looking at focussing on complex renewable energy projects rather than vanilla solar or wind projects, he said.

As storage is becoming a major focus for renewable energy companies in India, Zelestra too is looking to bid in the firm and dispatchable renewable energy (FDRE), which has a storage element, and solar with storage tenders, he said.

The company recently won its first FDRE bid of 140 MW at a tariff of ₹4.25 a unit.

Zelestra will keep an eye on other tenders, including those of green hydrogen and pumped storage projects.