Italy’s Enel Green may invest around Rs 900 crore in BLP in next 2-3 years
MUMBAI: Five years after he started his entrepreneurial journey in cleantech after a high profile stint in the nuclear-to-healthcare conglomerate GE as its CEO in India, Tejpreet Singh Chopra is gearing up for the biggest strategic move he has made till date for his green energy generation company Bharat Light & Power (BLP).
Italian renewable energy multinational Enel Green Power is in advance negotiations with BLP to make a significant investment for a controlling stake in the company. Enel Green, a subsidiary of Italy’s biggest power company Enel Power may invest around Rs 900 crore ($150 million) as fresh equity commitment into the company to support the expansion plans of its total capacity to 450-500 MW from the current 172 MW over the next 2-3 years, said multiple people in the know.
Both the sides are currently engaged in technical and legal due-diligence following which a firm offer will be made. Once the deal is completed, the equity value of BLP’s wind portfolio is likely to be at Rs 1200 crore. The company also has a debt of around Rs 550 crore.