EQT stock: Zelestra plans EUR 10.5 billion US AI investment

EQT's portfolio company Zelestra is planning EUR 10.5 billion of investment over four years to serve rising electricity demand from artificial-intelligence projects in the United States. Bloomberg reported the plan on Thursday, November 5, 2026, citing an interview with Zelestra Chief Executive Officer Leonardo Moreno. The investment program is part of a new 2026-2030 strategy that had not previously been made public.

Zelestra Targets US AI Growth

The plan would direct Zelestra toward infrastructure linked to the rapid expansion of US data centers and other AI-related power users. Bloomberg said the planned spending amounts to USD 11.8 billion and includes a significant pivot toward the US market.

Zelestra is a Spanish renewable-energy company owned by EQT AB. For EQT, the strategy offers another route to expand its portfolio exposure to long-term energy-transition and digital-infrastructure themes. The financial effect on EQT will depend on how quickly Zelestra converts the strategy into funded projects, operating assets and earnings.

The announcement adds a new execution issue to an EQT investment case already shaped by fundraising, acquisitions and the integration of Coller Capital. A larger US pipeline could increase Zelestra's growth options, but it also raises questions about capital requirements, permitting, grid access and project returns. The company will need to balance expansion with financing discipline as it develops the plan.

Against this backdrop, EQT stock traded at EUR 29.46 on Lang & Schwarz at 10:36 CET on Thursday, November 5, 2026. Investors can follow the real-time quote of EQT stock.

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Further execution milestones will include project announcements, financing decisions and updates to Zelestra's 2026-2030 strategy. More news and analyses on EQT stock will track these developments.

Source: Bloomberg.