EQT-backed Resolven plans to invest $1.2 billion over the next two years to scale up its renewable energy portfolio to 3.4 GW by FY28, as private equity capital continues to expand its presence in India’s clean power sector.
Resolven, the rebranded renewable platform formerly known as Zelestra India, is fully owned by Swedish private equity firm EQT and is pursuing capacity expansion across solar, wind and energy storage.
What did Resolven CEO say?
“The capacity expansion will be supported by an initial investment of $1.2 billion over the next two years,” Resolven CEO Parag Sharma told FE. “Of this, $300 million will come as equity from EQT and the remaining $900 million will be raised as debt.”
Industry sources pointed to the scale of EQT’s backing. “EQT has committed an amount as large as $750–800 million for the growth of this platform, which is perhaps the largest investment committed by a private equity firm in the Indian IPP space,” a source said.
Resolven aims to increase its capacity to 0.6 GW by the end of the current fiscal year before scaling up to 3.4 GW by FY28 and a longer-term target of 10 GW by FY30.
Initial growth will be led by solar projects
The company said initial growth will be led by solar projects, with diversification into wind and battery storage over time. By FY30, solar is expected to account for 6.3 GW, wind to account for 1.6 GW, and storage 2.1 GW of total capacity. The commercial and industrial (C&I) segment is projected to contribute 34% of capacity by FY30.
Resolven said its expansion strategy blends organic project development with selective acquisitions. The platform currently holds a development pipeline of around 2.7 GW across solar, wind, hybrid and storage projects.
The company is targeting demand from utilities and corporate buyers through open-access renewable projects, on-site installations and grid-linked storage solutions designed to manage intermittency.
Executives said capital deployment would be aligned with project execution timelines and financing closures, while investment priorities will evolve as the portfolio diversifies.