Italian-based renewable energy developer Enel Green Power (EGP) has entered the Indian market by acquiring a majority stake in utility-scale wind and solar operator BLP Energy, a subsidiary of India-based renewable energy company Bharat Light and Power (BLP Group), for around EUR30 million (US$33.6 million).

The acquisition marks EGP’s first move into the Asia-Pacific region and brings the company’s net installed capacity to more than 10GW, with a presence in 17 countries. Expansion into new markets internationally is part of the company's 2015-2019 Strategic Plan.

EGP now plans to participate in India’s forthcoming solar tenders at both state and national level.

BLP has 772MW of wind power projects operating or at various stages of development, and a “geographically diverse” portfolio of solar projects, according to an EGP statement.

The firm cited India’s ambitious renewable energy targets including 100GW of solar by 2022 as strong incentive to enter the market.

EGP chief executive Francesco Venturini said: “This acquisition opens the doors for EGP to the huge potential of the Indian market and is the gateway to further expansion across Asia.

“We intend to contribute to the Indian government objective of increasing the share of renewables in the country’s energy portfolio.”

Tejpreet Chopra, BLP Group chief executive, said: “Through this partnership, EGP and BLP Group will work towards bringing reliable, sustainable and cost competitive clean energy thereby supporting the Government of India's clean energy goals. We shall work closely with the Central and State governments in India in moving from megawatts to gigawatts of renewable energy.”