Enel Acquires Seven US Solar Plants With 270 MW Combined Capacity

Enel, through its wholly owned subsidiary Enel Green Power North America, has completed the acquisition of a portfolio of seven operational photovoltaic plants in the United States from a US utility.

The acquired portfolio has a combined installed capacity of approximately 270 MW and an average annual output of around 0.4 TWh. The transaction has an enterprise value of approximately $140 million, while the impact on Enel Group’s net financial debt is estimated at around $180 million.

Enel expects the acquisition to contribute approximately $20 million per year to the Group’s consolidated ordinary EBITDA.

The transaction forms part of Enel’s strategy to expand its renewable generation capacity through a combination of new developments and acquisitions of operational assets in Tier 1 markets. The company said the acquisition is aligned with its focus on brownfield renewable assets.

The seven solar plants are already operational, adding to Enel Green Power’s existing renewable generation portfolio in the Americas.

Enel has more than 92 GW of total electricity generation capacity globally. Its renewable energy business, Enel Green Power, has approximately 67 GW of installed capacity across wind, solar, geothermal and hydropower, as well as energy storage assets.

The company operates across 27 countries and has activities spanning renewable generation, electricity distribution, energy retail and electric mobility.