EQT-owned renewable energy developer Zelestra is planning to invest €10.5bn over the next four years as it shifts its expansion strategy towards the US to capitalise on surging electricity demand from artificial intelligence infrastructure, according to a report by Bloomberg.

The Spanish company reportedly aims to increase its contracted power portfolio sixfold to 18 gigawatts by 2030, while growing contracted EBITDA by approximately 40% annually to €1.1bn. The expansion will be financed through around €1bn in equity investment and more than €9bn in debt, potentially including project financing, corporate loans and bond issuances.

Under its 2026–2030 strategy, Zelestra reportedly expects the US to generate almost half its earnings by 2030, compared with approximately 20% in 2025. Major customers include Meta Platforms and Tesla, while data centre operators and hyperscalers accounted for around half of the power contracted by the company last year.

EQT acquired Zelestra, formerly known as Solarpack, in 2021 and subsequently took it private. The investment plans come amid speculation that EQT is considering strategic options for the business, including a potential sale or continuation fund, as private equity firms face increasing challenges exiting large renewable energy investments.