Zelestra

Since its inception in 2005, as one of the first pure solar PV developers and independent power producers (IPP) in Spain, Zelestra today has a pipeline of +19 GW compared to the 7 GW at EQT’s acquisition in 2021. Based in Bilbao, Spain, the company currently employs more than 850 people.

The company has approximately 1.7 GW in operation or under construction, and a pipeline of 19 GW across Spain, Italy, Germany, the U.S., Chile, Colombia, Peru and India, positioning the company well to benefit from current and future renewable energy market growth worldwide.

Market Trends and Drivers

Zelestra is well-positioned to leverage the current and expected renewable energy market growth. Solar PV capacity is expected to grow at 15%+ CAGR over the next 10 years driven by strong structural shift to renewables, supported by decreasing technology costs and demand for green electricity. Renewable energy generation is a top priority for many governments, corporates and consumers on the pathway to net zero.

Investment Potential

EQT’s strategy is to support Zelestra’s growth journey through further acceleration of its development activities as well as entry into new technologies with the mission to unlock the company’s full growth potential in both in its existing and new geographies.