Global private equity giant Blackstone is preparing to enter India’s renewable energy sector through a new platform with parag sharma, Co founder of O2 Power. The move highlights Blackstones growing focus on energy transition and green infrastructure in one of the world’s fastest expanding clean Power markets.

The investment firm is expected to commit atlest $500 million in seed equity capital to the new venture, which will be supplemented with project-level debt as operations scale up. The platform will concentrate on building solar parks, battery energy storage systems, and hybrid projects that can deliver round-the-clock clean power to meet India’s rising electricity needs.

The venture will be led by parag sharma,a veteran in india’s renewable energy space. Sharma previously co-founded O2 Power, which built a 4.7GW portfolio of green assets before being acquired by JSW Energy for about $1.5 billion . Industry executives indicate that some of sharma’s former colleagues may also join the new platform, strengthening it’s execution capacity from the outset.

The development comes as India accelerates efforts to achieve 500GW of renewable capacity by 2030,supported by strong policy backing and investors appetite .For Blackstone this initiative also aligns with its global strategy ; earlier this year the firm raises $5.6 billion for its Energy transition partners iv fund ,targeting decarbonization and clean energy projects worldwide.

Market observers say the collaboration could quickly grow into one of the largest private equity-backed renewable ventures in India,combining Blackstones financial muscle with sharma’s operational expertise. The project underscore how international investors are deepening their commitments to India’s clean energy transition with a focus on solar ,wind,and storage solutions to power the future.