Madrid-based Zelestra aims to establish 10 GW of renewable energy capacity in India by 2030, doubling its initial target of 5 GW by 2026, according to CEO Leo Moreno. The company plans to invest approximately $5 billion in renewable energy projects by the end of the decade.

Backed by private equity firm EQT, Zelestra operates in 13 countries with a portfolio of 25 GW and will seek project financing as well as equity for its investments, targeting both international and domestic lenders.

Focusing on complex renewable energy projects, Zelestra is moving beyond conventional solar and wind initiatives. As energy storage gains prominence in India's renewable sector, the company plans to participate in firm and dispatchable renewable energy (FDRE) projects, which incorporate storage solutions. Recently, Zelestra secured its first FDRE bid for 140 MW at a tariff of ?4.25 per unit.

Additionally, Zelestra is monitoring opportunities in other areas, including green hydrogen and pumped storage projects.