EQT Infrastructure is preparing to sell global renewable power platform Zelestra, more than five years after the Swedish investment manager acquired it, two sources familiar with the situation said.

PJT Partners is advising on the sale of Zelestra, previously a Madrid-listed solar power developer known as Solarpack, which was taken private and rebranded by EQT, sources said.

The sale will put on the block a global renewables company with operations across the US, Europe and India and a total development portfolio of over 28 GW across multiple technologies such as solar and battery energy storage systems (BESS).

EQT declined to comment, while PJT Partners and Zelestra did not respond to queries.

EQT invested in Zelestra in 2021 through its EUR 15.7bn EQT Infrastructure V fund in a deal giving it an enterprise value of EUR 1.2bn.

Solarpack’s co-founders José Galíndez Zubiría and Pablo Burgos Galíndez also sold their stakes at the time to re-invest and take an 8.2% stake in the company.

The upcoming sale will come to market within months of a divestment of Zelestra’s Latin America platform to Colombia-based energy company Promigas in a transaction that valued the business at USD 1.1bn including project debt.

Last year, Zelestra also attempted to sell its India business but scrapped the plans later in the year. The India business was this year rebranded as Resolven with a roadmap to invest USD 1.2bn over the next two years.

Currently Zelestra is developing a portfolio of projects with a capacity of 16.6 GW in the US, 2.6 GW in Germany, 6.8 GW in Spain and 1.4 GW in Italy, according to its website. The India business Resolven which is held as an independent business entity had a portfolio of 2.6 GW last year.

Over the past year, Zelestra has been actively arranging debt financing to build its pipeline of projects across various markets.

Recently, the company arranged a EUR 130m syndicated equity‑bond facility to finance around 500 MW of contracted renewable energy projects across Italy, Germany and the US and is currently planning to raise a sizable debt package to support its pipeline of BESS and solar projects across Italy.

This July, it secured USD 181m in green project financing for its 176 MW Skull Creek solar project in Texas, US and earlier in the year arranged a USD 600m green financing credit facility for two other solar projects in Texas.