Enel Green Power (EGP), the Italy-headquartered developer of solar and wind energy projects, has entered the growing Indian clean energy market with a 30 million ($33.5 million) acquisition of a majority stake in BLP Energy, which is the utility-scale solar and wind power subsidiary of Indian energy company Bharat Light & Power Pvt Ltd.
The transaction marks not only EGPs entry into the Indian market, but is also the companys first move into the Asia Pacific region. The acquisition also increases EGPs net installed global capacity of clean energy to more than 10 GW.
In India, BLP operates a large wind power portfolio, but also has substantial solar PV assets that includes a geographically diverse solar pipeline.
"This acquisition opens the doors for EGP 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 countrys energy portfolio. EGP is also interested in participating through BLP Energy in the countrys upcoming public solar tenders at both national and state level."
The Indian government has outlined a national target of achieving 100 GW of solar PV capacity nationwide by 2022, and 60 GW of wind capacity by the same date. Currently, Indias installed solar base is just over 4 GW, with wind standing at 23 GW.