Company Overview - Blackstone Inc. is pursuing the acquisition of Zelestra's Indian operations, with equity and enterprise values estimated at $184 million and $421 million respectively [1][4] - Zelestra, supported by EQT, has engaged JP Morgan for this transaction, referred to as Project Orange [1][4] - Zelestra has been operational in India since 2015 and currently has a capacity of 600 megawatts (MW), with an additional contracted portfolio of 2 gigawatts (GW), of which 1.5 GW is under construction [2][5] Industry Context - The renewable energy sector in India is experiencing significant growth, with an installed capacity of 245 GW, including 116 GW from solar and 52 GW from wind [7] - India's strategy aims to add 50 GW of green energy capacity annually to reach 500 GW by 2030, with long-term goals of 1,800 GW by 2047 and 5,000 GW by 2070 [7] - The C&I segment in India is attracting strong investor interest due to favorable regulations allowing large power users to source energy from the open market [5] Investment Landscape - Blackstone has invested $50 billion in India across various sectors, indicating a strong commitment to the Indian market [3] - The recent sale of O2 Power for an enterprise value of $1.47 billion highlights the active M&A landscape in the renewable energy sector [4] - Global strategic investors are showing interest in India's renewable energy market, with expectations of a more balanced risk-reward equation as market volatility subsides [6]