Latest news with #Zelestra
Bloomberg
7 hours ago
- Business
- Bloomberg
Zelestra Plans to Invest $1 Billion in Renewable Energy in Peru
Spain's Zelestra is planning to significantly increase its investment in renewable energy generation in Peru over the next five years, partly thanks to a new legal framework. The company is planning investments of more than $1 billion, with a view of increasing its renewable output in the Andean nation to about 1 gigawatt. Spending would boost solar capacity and may include an incursion into wind.
Time of India
2 days ago
- Business
- Time of India
Zelestra welcomes MNRE Minister to mark full operations at the new 435 MWp Gorbea solar plant
Pralhad Joshi , Minister of New and Renewable Energy, was welcomed by Zelestra to celebrate the full operations at the new 435 MWp Gorbea solar plant in Rajasthan. The project will generate 755 GWh of clean energy per year, backed by a 25-year PPA with Solar Energy Corporation of India (SECI). Delivered in under 8 months, the 435 MWp project in Rajasthan, India, supported 800+ jobs in construction. Zelestra, a global, customer-focused, multi-technology, renewable energy company, delivered in under eight months, the project enabled by a 25-year PPA signed with Solar Energy Corporation of India (SECI). Gorbea will generate 755 GWh of clean energy annually, powering the equivalent of 128,000 Indian households and avoiding the emissions of approximately 705,000 tons of CO2 per year. In his speech, Hon'ble Minister Pralhad Joshi, Minister of New and Renewable Energy, lauded the achievements of Rajasthan in the area of renewable energy. Sajay K. V., CEO of Zelestra India, said: 'We were proud to welcome Hon'ble Minister Pralhad Joshi to Gorbea today to share the celebration of this major success.' 'Gorbea showcases our ability to engineer execution-focused solutions and deliver major projects ahead of time and below budget. Thanks to SECI's commitment to clean energy, Gorbea has already delivered many economic and social benefits. Over the next 25+ years, Gorbea will be delivering a positive impact to the environment and supporting the energy transition underway across India,' he added. Zelestra has a pipeline of 5.4 GW of multi-technology projects in India, with 1.7 GW contracted with customers. Globally, the company was recently named among the top ten sellers of clean energy to corporate customers by BloombergNEF (BNEF), and number two in Europe, Middle East and Asia.
Reuters
6 days ago
- Business
- Reuters
Spain's Zelestra aims to power Peru mines with $1 billion renewables investment
LIMA, July 17 (Reuters) - Spain's Zelestra plans to invest at least $1 billion in renewable energy plants over the next five years powering mines in copper-rich southern Peru, the company's CEO for Latin America told Reuters. Zelestra, owned by Swedish firm EQT ( opens new tab, is aiming to produce 1 gigawatt (GW) of renewable energy in Peru as part of its expansion in Latin America, Jose Luis Garcia said in an interview on Tuesday. "I'm convinced that most, if not all, of the energy projects we build in Peru will be used to supply mining companies," Garcia said, adding that the estimated investment would be between $1 billion and $1.5 billion over the next five years. "The mining companies have very long-term contracts, and they're going to have to renew them in the next three years," he said, adding that lenders have shown strong interest in financing the projects. Peru is the world's third-largest copper producer and most of its mines are in the country's south, including Freeport-McMoRan's (FCX.N), opens new tab Cerro Verde mine, the country's largest, as well as others operated by MMG Ltd ( opens new tab, Glencore (GLEN.L), opens new tab, Anglo American (AAL.L), opens new tab and Mexico Group ( opens new tab. Renewable energy is still a nascent technology in Peru, with hydroelectric plants accounting for 45% of the sector's output, according to government data. In recent years, Chinese firms have made major acquisitions in the power industry raising concerns of business concentration. China Southern Power Grid International controls just over half of Lima's power distribution while China Three Gorges Corporation ( covers the other half and controls Peru's third-largest power generator. Zelestra on Thursday inaugurated its $177 million San Martin solar park in the Arequipa region, the largest solar plant in Peru, with approximately 300 megawatts. The next project is the 238-megawatt Babilonia solar plant, also in Arequipa, with an estimated investment of $140 million. Data from the Ministry of Energy and Mines shows Zelestra has at least three other renewable energy generation projects in the south, totaling approximately 450 megawatts. Garcia said there are already agreements with transmission companies such as Kallpa Energy to deliver energy to mining clients. Regionally, Garcia said Zelestra's goal is to have renewable energy plants - including solar, hybrid and battery-powered - generating about 3 gigawatts within five years. Half of that generation is planned in Chile, 30% in Peru and the rest in Colombia.
Mint
16-07-2025
- Business
- Mint
Zelestra looks to sell India biz for $400-500 million
Multinational energy firm Zelestra has sounded out Brookfield, JSW Group, Sembcorp, Serentica and Macquarie for a potential sale of its India business, three people with knowledge of the development said. 'The initial outreach has been made. The formal process is likely to kickstart soon with the information memorandums to be sent out in the next few weeks," one of the three people said on the condition of anonymity. JP Morgan is helping the EQT-backed company find buyers, the person added. Spokespersons for Brookfield, Macquarie and Zelestra declined comment, while queries to Serentica, JSW Group and Sembcorp remained unanswered. Zelestra is the latest global energy firm banking on high local valuations to sell India asserts and reduce debt. Many companies in the renewable and energy space owned by global PEs or strategic investors such as Vibrant Energy and Statkraft Group have been looking to sell their India portfolios as well. A deal is likely to peg Zelestra's enterprise value at $400-500 million, the second person cited above said. 'The company wants to sell its India business because it wants to focus on its core markets and take advantage of the high valuation multiples in the Indian market to sell the asset and generate liquidity. This will help them pare debt on their global books," the person added. The Zelestra Group website says its Indian projects include hybrid projects that combine solar, wind, and battery energy storage. It has more than 3 GW worth of India projects in development and operation. The Zelestra group oversees around 3.8 GW of renewable energy projects in operation and under construction globally, a March 2025 ratings release by Care Ratings said. In India, it is targeting over 5 GW of new projects, while currently having an operational capacity of solar projects of 150 megawatt peak (MWp) and 435 MWp capacity under construction. Zelestra is backed by EQT AB group, a private equity fund house managed by the Sweden's Wallenberg family, and operates primarily in the European and the US markets. EQT holds around 92% in Zelestra Group. There is significant interest among private equity and domestic strategic buyers in India's renewable energy space. India is aiming at net-zero emissions by 2070, with key targets of 500 GW renewable energy in India by 2030 and a 45% reduction in GHG emissions intensity. India's renewable energy capacity grew from 78 GW in FY14-15 to 199 GW in FY 2023-24, with solar accounting for 80% of new capacity. To meet its 500 GW target by 2030, 90 GW is under construction and 44 GW in development. The government plans to tender 50 GW annually until FY27-28. This is likely to see a lot of M&A, PE investments and consolidation activity in the near term, experts predict.
Yahoo
04-07-2025
- Business
- Yahoo
Zelestra increases sustainability-linked loan to €770m
Renewable energy company Zelestra has secured an additional €235m ($277m) for its sustainability-linked loan, bringing the total to €770m ($907m). Initially signed in 2023 and extended in 2024, the upsized credit facility is backed by 11 international banks, demonstrating their continued confidence in the company's business model and long-term vision. The loan facility has been extended by one year and is set to mature in 2029. The facility includes enhanced terms, bolsters Zelestra's financial standing, improves its credit profile and secures the resources needed to tackle future challenges and growing global demand. Zelestra plans to use the funds to develop new wind farms, solar installations and battery storage systems across its six key markets: Germany, India, Italy, Latin America, Spain and the US. As of late 2023, Zelestra had achieved a 1GW worldwide contracted portfolio. This figure has grown fivefold to reach 5.4GW in less than two years, and the company aims to secure contracts for 9GW worth of projects by 2026. Zelestra's CFO Xavier Puig stated: 'Zelestra's customer-centric strategy is accelerating our growth in all our key markets. 'Our customers trust us to deliver the clean energy solutions they need, and we are pleased that these major lenders also continue to trust in our strategy and our outlook. This increased financial capacity will enhance our ability to deliver the wind, solar and battery storage solutions that our clients' need.' Zelestra currently manages a portfolio of 29GW of carbon-free projects across 13 countries, with 5.4GW contracted and in operation, construction or pre-construction phases. The company is supported by EQT, a global fund managing more than €273bn in assets. In May 2025, Zelestra partnered with Sungrow to develop a 1 gigawatt hour battery energy storage system in Tarapacá, Chile. "Zelestra increases sustainability-linked loan to €770m" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
