Enel Green Power Enters Indian Market by Acquiring A Majority Stake in BLP Energy
Enel Green Power (“EGP”) has today 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.
With this transaction EGP enters 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. EGP brings to the Indian market the latest renewable technology and global best practices in engineering design and project development, based on its presence in now 17 countries.
BLP is one of the leading renewable energy companies in India which 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.