Blackstone, the world’s largest private equity firm, is preparing a major foray into India’s renewable energy sector by partnering with Parag Sharma, co-founder of O2 Power. The move underscores the firm’s growing focus on energy and digital infrastructure, driven by India’s expanding electricity demand and its commitment to clean energy transition.

A Bold Investment in Green Energy

Blackstone plans to invest at least $500 million as seed equity capital in a new renewable energy platform, which will focus on solar parks, battery energy storage systems, and hybrid projects. To scale up its portfolio, the platform will also seek project debt, marking a strategic blend of equity and debt financing.

Parag Sharma’s Leadership Advantage

The initiative will be spearheaded by Parag Sharma, who previously co-founded O2 Power, later sold to JSW Energy for $1.5 billion. With his background as the COO of ReNew Power and CEO of O2 Power, Sharma brings deep expertise in renewable energy project development. Under his leadership, O2 Power built a 4.7 GW portfolio of renewable power projects, establishing credibility in scaling large clean energy platforms.

Alignment with India’s Energy Goals

This venture aligns with India’s ambitious target of achieving 500 GW of renewable capacity by 2030. With the government pushing for accelerated clean energy adoption, Blackstone’s entry represents both an opportunity for profitable growth and a step toward global climate goals.

Infrastructure Investment Strategy

India is central to Blackstone’s broader strategy, where the firm has identified energy infrastructure, digital infrastructure, and private credit as core areas of focus. As of June 2025, Blackstone Infrastructure manages $64 billion in assets, positioning it strongly to capitalize on India’s infrastructure development.

The firm’s entry comes at a time when developed economies are also fast-tracking large-scale project approvals, creating momentum for global private equity players to allocate significant funds into energy transition opportunities.

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Key Data Snapshot

Aspect	Details
Blackstone’s Planned Investment	$500 million (seed equity capital)
Leadership	Parag Sharma, co-founder of O2 Power
O2 Power Track Record	4.7 GW renewable portfolio, sold to JSW Energy for $1.5 billion
Operational Focus	Solar parks, battery energy storage systems, hybrid projects
India’s Renewable Target	500 GW installed capacity by 2030
Blackstone Infrastructure AUM	$64 billion (as of June 2025)
Strategic Investment Areas	Energy infrastructure, digital infrastructure, private credit
Key Drivers	Rising electricity demand, digitization of the economy, global clean energy push
Professional Team	Led by Sharma with junior colleagues from O2 Power

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Conclusion

Blackstone’s entry into India’s renewable energy sector marks a pivotal moment in the country’s green transition. With Parag Sharma’s proven expertise and Blackstone’s deep pockets, the platform is well-positioned to accelerate the build-out of solar, storage, and hybrid energy projects. Beyond profitability, the move reinforces India’s role as a critical hub in the global fight against climate change.