Latest news with #Zelestra
Yahoo
7 hours ago
- Business
- Yahoo
Energy giant switches on nation's largest solar plant set to power over 400,000 homes: 'Energy for years to come'
Energy giant switches on nation's largest solar plant set to power over 400,000 homes: 'Energy for years to come' A major step toward more affordable renewable energy recently occurred in Peru. Zelestra, a Spanish renewable energy company, has officially switched on the country's largest solar farm. The solar farm, dubbed the San Martín project, consists of 450,000 solar panels and will generate over 830 GWh of clean energy annually, powering more than 400,000 homes. To put it in perspective, a U.S. household uses roughly 10,500 kWh per year, or 0.0105 GWh. Located in the La Joya district of Arequipa, Peru, this plant is good news for everyday people because solar energy can help lower electricity bills in the long run and benefit the environment. Unlike fossil fuels, the sun's energy is free, so once the panels are built, the power they produce doesn't depend on buying expensive gas or coal. By adding substantial clean power to the grid, the San Martín project can help protect families from rising energy costs while also maintaining power during major storms. "By leveraging our global expertise in engineering, procurement, and construction, we can successfully co-build tailored solutions that bring projects to life on time and on budget," said Zelestra CEO Leo Moreno, per Renewable Energy Magazine. "We are proud to see the most ambitious solar project in Peru now fully operational, and we look forward to a long-term partnership with Kallpa in delivering clean, reliable energy for years to come." Building and running this solar farm has already created hundreds of local jobs, and it will continue to provide steady work for those who maintain and operate it. Additionally, replacing fossil-fuel energy with solar energy reduces pollution. This project alone will prevent over 160,000 tons of carbon pollution from entering the air each year, according to the report. This means cleaner air and a healthier environment for the community. In short, Peru's sunshine just got a whole lot more powerful, and everyone's set to breathe a little easier because of it. Are you currently using solar power in your home? Heck yes No — but I would like to be No — I don't know much about it No — it's too expensive Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Solve the daily Crossword
Bloomberg
23-07-2025
- Business
- Bloomberg
Zelestra Plans to Invest $1 Billion in Renewable Energy in Peru
Spain's Zelestra is planning to significantly increase its investment in renewable energy generation in Peru over the next five years, partly thanks to a new legal framework. The company is planning investments of more than $1 billion, with a view of increasing its renewable output in the Andean nation to about 1 gigawatt. Spending would boost solar capacity and may include an incursion into wind.
Time of India
22-07-2025
- Business
- Time of India
Zelestra welcomes MNRE Minister to mark full operations at the new 435 MWp Gorbea solar plant
Pralhad Joshi , Minister of New and Renewable Energy, was welcomed by Zelestra to celebrate the full operations at the new 435 MWp Gorbea solar plant in Rajasthan. The project will generate 755 GWh of clean energy per year, backed by a 25-year PPA with Solar Energy Corporation of India (SECI). Delivered in under 8 months, the 435 MWp project in Rajasthan, India, supported 800+ jobs in construction. Zelestra, a global, customer-focused, multi-technology, renewable energy company, delivered in under eight months, the project enabled by a 25-year PPA signed with Solar Energy Corporation of India (SECI). Gorbea will generate 755 GWh of clean energy annually, powering the equivalent of 128,000 Indian households and avoiding the emissions of approximately 705,000 tons of CO2 per year. In his speech, Hon'ble Minister Pralhad Joshi, Minister of New and Renewable Energy, lauded the achievements of Rajasthan in the area of renewable energy. Sajay K. V., CEO of Zelestra India, said: 'We were proud to welcome Hon'ble Minister Pralhad Joshi to Gorbea today to share the celebration of this major success.' 'Gorbea showcases our ability to engineer execution-focused solutions and deliver major projects ahead of time and below budget. Thanks to SECI's commitment to clean energy, Gorbea has already delivered many economic and social benefits. Over the next 25+ years, Gorbea will be delivering a positive impact to the environment and supporting the energy transition underway across India,' he added. Zelestra has a pipeline of 5.4 GW of multi-technology projects in India, with 1.7 GW contracted with customers. Globally, the company was recently named among the top ten sellers of clean energy to corporate customers by BloombergNEF (BNEF), and number two in Europe, Middle East and Asia.
Reuters
17-07-2025
- Business
- Reuters
Spain's Zelestra aims to power Peru mines with $1 billion renewables investment
LIMA, July 17 (Reuters) - Spain's Zelestra plans to invest at least $1 billion in renewable energy plants over the next five years powering mines in copper-rich southern Peru, the company's CEO for Latin America told Reuters. Zelestra, owned by Swedish firm EQT ( opens new tab, is aiming to produce 1 gigawatt (GW) of renewable energy in Peru as part of its expansion in Latin America, Jose Luis Garcia said in an interview on Tuesday. "I'm convinced that most, if not all, of the energy projects we build in Peru will be used to supply mining companies," Garcia said, adding that the estimated investment would be between $1 billion and $1.5 billion over the next five years. "The mining companies have very long-term contracts, and they're going to have to renew them in the next three years," he said, adding that lenders have shown strong interest in financing the projects. Peru is the world's third-largest copper producer and most of its mines are in the country's south, including Freeport-McMoRan's (FCX.N), opens new tab Cerro Verde mine, the country's largest, as well as others operated by MMG Ltd ( opens new tab, Glencore (GLEN.L), opens new tab, Anglo American (AAL.L), opens new tab and Mexico Group ( opens new tab. Renewable energy is still a nascent technology in Peru, with hydroelectric plants accounting for 45% of the sector's output, according to government data. In recent years, Chinese firms have made major acquisitions in the power industry raising concerns of business concentration. China Southern Power Grid International controls just over half of Lima's power distribution while China Three Gorges Corporation ( covers the other half and controls Peru's third-largest power generator. Zelestra on Thursday inaugurated its $177 million San Martin solar park in the Arequipa region, the largest solar plant in Peru, with approximately 300 megawatts. The next project is the 238-megawatt Babilonia solar plant, also in Arequipa, with an estimated investment of $140 million. Data from the Ministry of Energy and Mines shows Zelestra has at least three other renewable energy generation projects in the south, totaling approximately 450 megawatts. Garcia said there are already agreements with transmission companies such as Kallpa Energy to deliver energy to mining clients. Regionally, Garcia said Zelestra's goal is to have renewable energy plants - including solar, hybrid and battery-powered - generating about 3 gigawatts within five years. Half of that generation is planned in Chile, 30% in Peru and the rest in Colombia.
Mint
16-07-2025
- Business
- Mint
Zelestra looks to sell India biz for $400-500 million
Multinational energy firm Zelestra has sounded out Brookfield, JSW Group, Sembcorp, Serentica and Macquarie for a potential sale of its India business, three people with knowledge of the development said. 'The initial outreach has been made. The formal process is likely to kickstart soon with the information memorandums to be sent out in the next few weeks," one of the three people said on the condition of anonymity. JP Morgan is helping the EQT-backed company find buyers, the person added. Spokespersons for Brookfield, Macquarie and Zelestra declined comment, while queries to Serentica, JSW Group and Sembcorp remained unanswered. Zelestra is the latest global energy firm banking on high local valuations to sell India asserts and reduce debt. Many companies in the renewable and energy space owned by global PEs or strategic investors such as Vibrant Energy and Statkraft Group have been looking to sell their India portfolios as well. A deal is likely to peg Zelestra's enterprise value at $400-500 million, the second person cited above said. 'The company wants to sell its India business because it wants to focus on its core markets and take advantage of the high valuation multiples in the Indian market to sell the asset and generate liquidity. This will help them pare debt on their global books," the person added. The Zelestra Group website says its Indian projects include hybrid projects that combine solar, wind, and battery energy storage. It has more than 3 GW worth of India projects in development and operation. The Zelestra group oversees around 3.8 GW of renewable energy projects in operation and under construction globally, a March 2025 ratings release by Care Ratings said. In India, it is targeting over 5 GW of new projects, while currently having an operational capacity of solar projects of 150 megawatt peak (MWp) and 435 MWp capacity under construction. Zelestra is backed by EQT AB group, a private equity fund house managed by the Sweden's Wallenberg family, and operates primarily in the European and the US markets. EQT holds around 92% in Zelestra Group. There is significant interest among private equity and domestic strategic buyers in India's renewable energy space. India is aiming at net-zero emissions by 2070, with key targets of 500 GW renewable energy in India by 2030 and a 45% reduction in GHG emissions intensity. India's renewable energy capacity grew from 78 GW in FY14-15 to 199 GW in FY 2023-24, with solar accounting for 80% of new capacity. To meet its 500 GW target by 2030, 90 GW is under construction and 44 GW in development. The government plans to tender 50 GW annually until FY27-28. This is likely to see a lot of M&A, PE investments and consolidation activity in the near term, experts predict.
