Key Takeaways
- • Zelestra, the EQT-owned renewable energy developer, plans to invest €10.5bn (roughly $12bn) over 2026–2030 as it shifts its expansion strategy toward the US, according to Bloomberg.
- • The company reportedly targets a sixfold increase in contracted power to 18 gigawatts by 2030 and aims to grow contracted EBITDA about 40% annually to €1.1bn.
- • The US is expected to generate almost half of Zelestra's earnings by 2030, up from roughly 20% in 2025.
- • Funding would combine around €1bn of equity with more than €9bn of debt, including project finance, corporate loans and bonds.
- • Data centre operators and hyperscalers accounted for about half of the power Zelestra contracted last year, with Meta Platforms and Tesla cited as major customers.
Summary
EQT-owned renewable energy developer Zelestra is planning to invest €10.5bn over the next four years as it redirects its expansion toward the United States, capitalising on surging electricity demand from artificial intelligence infrastructure, according to a report by Bloomberg. The figure is roughly equivalent to the $12bn headline target.
Under its 2026–2030 strategy, the Spanish company reportedly aims to increase its contracted power portfolio sixfold to 18 gigawatts by 2030. It also targets growing contracted EBITDA by approximately 40% annually to €1.1bn. The programme would be financed through around €1bn of equity investment and more than €9bn of debt, potentially spanning project financing, corporate loans and bond issuances.
The shift in geographic mix is material. Zelestra reportedly expects the US to generate almost half of its earnings by 2030, compared with approximately 20% in 2025. Data centre operators and hyperscalers accounted for around half of the power the company contracted last year, and Meta Platforms and Tesla are cited as major customers.
EQT acquired Zelestra, formerly known as Solarpack, in 2021 and subsequently took it private. The investment plans come amid speculation that EQT is weighing strategic options for the business, including a potential sale or continuation fund. The reported deliberations reflect the broader difficulty private equity firms face in exiting large renewable energy investments.
Under its 2026–2030 strategy, the Spanish company reportedly aims to increase its contracted power portfolio sixfold to 18 gigawatts by 2030. It also targets growing contracted EBITDA by approximately 40% annually to €1.1bn. The programme would be financed through around €1bn of equity investment and more than €9bn of debt, potentially spanning project financing, corporate loans and bond issuances.
The shift in geographic mix is material. Zelestra reportedly expects the US to generate almost half of its earnings by 2030, compared with approximately 20% in 2025. Data centre operators and hyperscalers accounted for around half of the power the company contracted last year, and Meta Platforms and Tesla are cited as major customers.
EQT acquired Zelestra, formerly known as Solarpack, in 2021 and subsequently took it private. The investment plans come amid speculation that EQT is weighing strategic options for the business, including a potential sale or continuation fund. The reported deliberations reflect the broader difficulty private equity firms face in exiting large renewable energy investments.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.