Enel Green Power (EGP) announced the acquisition of a majority stake in BLP Energy (BLP), the utility scale wind and solar subsidiary of Bharat Light & Power Pvt Ltd (BLP Group) for a total consideration of approx. 30 million euros. The transaction helps EGP to enter the Indian renewables market, marking the Group’s first move into the Asia-Pacific region thus reaching more than 10 GW of net installed capacity globally.

BLP owns operating wind plants in the States of Gujarat and Maharashtra that have a total capacity of 172 MW with a total annual production of about 340 GWh. It also has a portfolio of approximately 600 MW of wind projects in different stages of development. BLP Group is based in New Delhi and Bangalore, and has a team of professionals with background in renewable energy, manufacturing, consulting and financial services with extensive experience in technical, development, operation & maintenance and financing activities.

“This acquisition opens the doors for Enel Green Power to the huge potential of the Indian market and is the gateway to further expansion across Asia,” said EGP CEO Francesco Venturini. “We intend to contribute to the Indian government objective of increasing the share of renewables in the country’s energy portfolio. EGP is also interested in participating through BLP Energy in the country’s upcoming public solar tenders at both national and state level.”

The acquisition of a majority stake in an Indian Independent Power Producer (IPP) with a portfolio of wind assets already in operation and a geographically diversified pipeline of solar and wind projects, fits the Group’s strategy and offers strong development prospects combined with an established market position.

The transaction, completed in less than one year, is one of the fastest carried out by EGP and is testament to the capacity of the Group to stay ahead of trends and to quickly enter into new countries, leveraging on its global scale and expertise to seize arising market opportunities.

In its 2015-2019 Strategic Plan, EGP announced its intention to broaden its international footprint by expanding into new markets, including countries in the Asia-Pacific region. Among those, India is well positioned for rapid expansion in the renewable energy industry owing to its high population and economic growth. The current Indian government led by Prime Minister Mr. Narendra Modi has set a target of achieving 100 GW of solar and 60 GW of wind power generation capacity by 2022, up from around 4 GW of solar and about 23 GW of wind today. EGP has positioned itself to respond to this market opportunity through this acquisition.