Zelestra
- Company typePrivate
- Founded2005
- HeadquartersAlgorta, Spain
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Zelestra does
Zelestra is a multi-technology Independent Power Producer (IPP) founded in 2005 and headquartered in Madrid, Spain, with regional headquarters in Arlington (US), Hamburg (Germany), Rome (Italy), and additional offices across Spain, Germany, and Italy. The company is privately owned by EQT's infrastructure fund and operates a 27.2 GW portfolio spanning 13.4 GW of solar, 23.1 GWh of battery energy storage, 3.4 GW of wind, and 0.6 GW of green hydrogen capacity, of which 4.2 GW is contracted with clients across the US, Spain, Germany, and Italy (Latin America operations were sold to Promigas for $1.1 billion in May 2026). Zelestra generates revenue by developing, constructing, and operating utility-scale renewable assets and selling electricity under long-term Power Purchase Agreements (PPAs) and tolling agreements to corporate offtakers, hyperscalers, and utilities, complemented by third-party EPC services (3.1 GW constructed, 285+ specialists) and O&M services on owned and third-party assets.
The company's go-to-market is enterprise field sales with dedicated country managers and local commercial teams co-creating bespoke multi-technology solutions (including pioneering hybrid solar+BESS structures) with customers such as Meta, Microsoft, Tesla, EDP, BKW, Graphic Packaging, and Avery Dennison. Underlying technology includes an in-house digital platform with SCADA, Asset Performance Management with AI-driven predictive analytics, a Remote Operations Center, and an Energy Trading and Risk Management system, plus Zelo, a GenAI chatbot for internal knowledge retrieval and process automation. Distribution is purely direct; no marketplaces or reseller channels are used, and pricing is bespoke (not publicly disclosed).
The business model is anchored by long-tenor contracted cash flows through PPAs, supplemented by project finance, green financing, tax equity, and corporate facility arrangements with tier-one banks (Societe Generale, HSBC, BNP Paribas, Natixis, Santander, Rabobank, ICO, CESCE). Approximately $1.74 billion in financing was closed across 2024-2026, supporting a development pipeline targeting hundreds of MW of new construction annually. Customer segmentation is horizontal across hyperscalers and data centers, large industrial corporates, utilities, and government/community stakeholders, with a multi-buyer Energize program aggregating pharmaceutical sector demand.
Zelestra firmographics
Firmographics- Name
- Zelestra
- Legal name
- Zelestra
- Website
- https://zelestra.energy
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Ownership category
- akta.pro rank
Zelestra industry classification
Industry- Product category
- Renewable Energy Generation (Independent Power Production)
- NAICS
- Electric Power Generation (22111)
- akta.pro primary industry
- Distributed Storage (Behind-the-Meter Batteries) (EUAMAJAE)
- akta.pro secondary industry
- Structured Renewable Products (Blocks, Shaped, Baseload, Peak, Firming) (EUAGADAE)
Keywords
Where Zelestra is headquartered
LocationHeadquarters
- HQ city
- Algorta
- HQ country
- Spain
- HQ region
- Europe
Offices10 records
Markets served
Zelestra business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Renewable Energy Generation & Sale: Zelestra develops, constructs, and operates utility-scale renewable energy projects (solar, wind, BESS) and sells electricity through long-term PPAs to corporate customers, utilities, and hyperscalers.
- EPC Services: Engineering, Procurement and Construction services for third-party renewable energy projects, leveraging in-house expertise and 19 years of experience.
- O&M Services: Operations and Maintenance services for owned and third-party renewable assets, focusing on performance optimization, reliability, risk mitigation, and lifecycle extension.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Zelestra product offering
Product offeringCore offering
Zelestra is a multi-technology Independent Power Producer that develops, finances, constructs, and operates utility-scale renewable energy projects (solar PV, battery energy storage, wind, and green hydrogen) and sells the generated electricity to corporate customers, utilities, and hyperscalers under long-term Power Purchase Agreements. The offering is complemented by in-house Engineering, Procurement and Construction services, Operations and Maintenance services, and a proprietary digital platform for asset management, trading, and AI-driven decision support.
Product overview
Zelestra is a multi-technology Independent Power Producer (IPP) offering a unified platform of renewable energy solutions. The core portfolio includes Solar (13.4 GW), BESS (23.1 GWh), Wind (3.4 GW), and Green Hydrogen (0.6 GW) technologies. The platform is enhanced by integrated services including EPC (Engineering, Procurement, Construction), O&M (Operations & Maintenance), and a proprietary Digital Platform (SCADA, APM, ROC, ETRM). Zelestra also offers Zelo, a GenAI chatbot for knowledge retrieval and process automation. The company structures PPAs with corporate customers spanning hyperscalers (Meta, Microsoft), industrial clients (Tesla, Graphic Packaging, Avery Dennison), utilities (EDP, BKW, Burgo Group), and participates in energy auctions and bilateral contracting mechanisms.
Differentiator
Problem solved
Functional benefit
Brands
- Energize Program: A pharmaceutical and healthcare supply chain decarbonization initiative co-founded by Schneider Electric, bringing together 24+ global pharmaceutical companies to purchase renewable energy collectively through Zelestra PPAs
- Zelo AI Assistant
Products and services
- Utility-Scale Solar Energy Development Zelestra develops, finances, constructs, and operates utility-scale solar photovoltaic projects with 13.4 GW of total solar capacity across its portfolio. Projects are sold to corporate, hyperscaler, and utility offtakers via long-term PPAs, and span markets including the US, Spain, Italy, Germany, Chile, and Peru.
- Battery Energy Storage Systems (BESS) Standalone and hybrid battery energy storage projects totaling 23.1 GWh of capacity, including up to 2 GWh with BKW in Italy, 1 GWh in the Aurora project in Chile, and 400 MWh in the EDP hybrid in Spain. Storage is monetized through tolling agreements, hybrid solar+BESS PPAs, and grid flexibility contracts.
- Wind Energy Development Utility-scale wind energy project development with 3.4 GW of total wind capacity in portfolio across multiple markets.
- Green Hydrogen Projects Green hydrogen development with 0.6 GW of hydrogen capacity in the multi-technology portfolio, including hydrogen components within the German East Energy pipeline acquired in 2024.
- Engineering, Procurement and Construction (EPC) Services In-house EPC services with 19 years of experience, 285+ specialists, and 3.1 GW of projects constructed and delivered (1.5 GW for third parties). Services cover solar PV, BESS, and wind project construction.
- Operations and Maintenance (O&M) Services Operations and maintenance services for Zelestra's owned and third-party renewable assets, focusing on performance optimization, reliability, risk mitigation, and lifecycle extension.
- Hybrid Solar + BESS Solutions Integrated solar PV plus battery energy storage configurations engineered for dispatchability and 24/7 renewable supply, structured through hybrid PPAs and tolling agreements for utilities and corporate offtakers.
- Power Purchase Agreements (PPAs) and Tolling Agreements Long-term physical PPAs, virtual PPAs, multi-buyer PPAs, and tolling agreements structured for hyperscalers, industrial corporates, and utilities, including fixed-shape, hybrid solar+BESS, and multi-buyer structures (e.g., the Energize program for pharmaceutical companies).
Quantifiable outcome
- Top 10 global seller of clean energy to corporate customers by BloombergNEF
- +3 more outcomes
Companies that use Zelestra
Customer profileNamed customers11 records
Segments4 records
Ideal customer profiles3 records
Zelestra technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature6 records
Zelestra partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, major and minor.
- McCarthy Building CompaniescoreEPC contractor for Skull Creek Solar Plant (176 MWdc) in Texas.
- Qcells USA CorpcoreSolar module and EPC provider for Reclamation Solar Project (200 MWdc) in Indiana.
- PromigasmajorAcquisition of Zelestra's Latin America platform for approximately $1.1 billion, including 3,500 MW of renewable projects across Chile, Peru, and Colombia.
- MicrosoftcorePPA for 95.7 MWac solar projects in Aragón, Spain (Escatrón II and Fuendetodos II) with community benefit initiative through ECODES.
- ECODESminorAragón-based nonprofit managing community benefit fund for Microsoft solar PPA projects.
- BKWcoreLong-term tolling agreement for 2 GWh battery storage project in northern Italy; PPA for 16 MWdc solar projects (Ginosa and Bellomo).
- EDPcoreSpain's first solar plus battery storage PPA: 170 MWdc solar and 400 MWh BESS in Trujillo, plus 160 MWh BESS for Pizarroso plant.
- AbastiblecorePPA for 220 MWdc solar and 1 GWh battery storage in Chile, providing night-time power supply.
- SungrowcoreSupplier of PowerTitan 2.0 liquid-cooled BESS and MV Power Conversion Units for 1 GWh Aurora project in Chile.
- Schneider ElectriccoreManager of Energize program for pharmaceutical sector decarbonization, facilitating multi-buyer PPA with Zelestra.
Scale indicators13 records
Recent moves7 records
Expansion highlights6 records
Zelestra competitors and assessment
Company assessmentDirect peers
- AES Clean Energy (AES Corporation): US-headquartered utility-scale renewable developer and IPP with a major corporate PPA franchise; Zelestra CEO Leo Moreno was formerly President of AES Clean Energy, making it the most directly comparable platform and pipeline competitor.
- Lightsource bp: Global utility-scale solar developer and PPA originator with strong corporate-offtake focus; highly comparable business model to Zelestra in project development, financing, and long-term PPA structuring across multiple geographies.
- Invenergy: US-headquartered private renewable energy developer and operator with utility-scale wind, solar, and storage; comparable as a privately held, multi-technology IPP pursuing corporate PPAs (Zelestra CDO Jaime Burguete was previously at Invenergy).
- Pinegate Renewables: US-focused community and utility-scale solar developer; Zelestra US CEO Phil North was previously CFO and CCO at Pinegate, and the platforms overlap in corporate PPA origination and US project development.
- EDP Renováveis (EDPR): European-headquartered multi-technology renewable IPP and a Zelestra customer (EDP); directly comparable as an Iberian-rooted global renewable developer competing in the same Spanish and European PPA markets.
Broad incumbents
- Iberdrola: Global utility with one of the largest renewable generation portfolios; overlapping with Zelestra in Spanish and European wind/solar/BESS markets, though Iberdrola is a regulated incumbent operating at significantly larger scale.
- NextEra Energy Resources: World's largest renewable operator with significant wind and solar capacity in the US; competes with Zelestra in US corporate PPA origination and renewable development but operates at much greater scale and scope.
- Enel Green Power: Global renewable arm of Enel Group with multi-technology presence including Italy, Spain, and the Americas; directly comparable in technology mix and Mediterranean geographic footprint, though embedded within a much larger incumbent utility.
- RWE: German-headquartered utility with a substantial renewable and BESS portfolio; directly comparable to Zelestra in the German market and increasingly in US development, though RWE is a large incumbent with much broader portfolio scope.
- Engie: Global utility with a major renewable energy and BESS development pipeline; comparable to Zelestra across multiple European and Latin American geographies and in hybrid solar+storage structures, though Engie operates a much broader energy portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Zelestra social profiles
Digital presenceZelestra financial estimates
Financial estimateRevenue estimate
Valuation estimate
Zelestra leadership team
Management profileNumber of profiles
Profiles14 records
Zelestra subsidiaries and ownership
Company hierarchySubsidiaries1 record
Zelestra funding detail
Funding detailFunding overview
Funding rounds9 records
Investors13 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Zelestra M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Zelestra
What does Zelestra do?
Zelestra is a multi-technology Independent Power Producer that develops, finances, constructs, and operates utility-scale renewable energy projects (solar PV, battery energy storage, wind, and green hydrogen) and sells the generated electricity to corporate customers, utilities, and hyperscalers under long-term Power Purchase Agreements. The offering is complemented by in-house Engineering, Procurement and Construction services, Operations and Maintenance services, and a proprietary digital platform for asset management, trading, and AI-driven decision support.
Is Zelestra a public or private company?
Zelestra is a private company. It is classified as private equity controlled and is currently operating.
When was Zelestra founded?
Zelestra was founded in 2005. It employs 1,001 to 5,000 people.
Where is Zelestra based?
Zelestra is headquartered in Algorta, Spain, in the Europe region.
How does Zelestra make money?
Three revenue lines are on record. Renewable Energy Generation & Sale is the primary driver. The others are EPC Services and O&M Services.
Who are Zelestra's main competitors?
Direct peers on record are AES Clean Energy (AES Corporation), Lightsource bp, Invenergy, Pinegate Renewables and EDP Renováveis (EDPR). Broad incumbents are Iberdrola, NextEra Energy Resources, Enel Green Power, RWE and Engie.
Does Zelestra have an API?
No public API is recorded for Zelestra.
What industry is Zelestra in?
Zelestra's product category is Renewable Energy Generation (Independent Power Production). Its primary akta.pro industry code is EUAMAJAE, Distributed Storage (Behind-the-Meter Batteries), with a secondary code of EUAGADAE, Structured Renewable Products (Blocks, Shaped, Baseload, Peak, Firming). Its NAICS code is 22111.