Enel agreed in February to acquire a portfolio of operating US wind and solar plants with 830MW of capacity from Excelsior Energy Capital, for consideration of about $1bn.
Why Enel S.p.A. (Enel Green Power North America) is buying Excelsior Energy Capital US wind and solar portfolio (830MW)
Enel said the deal fits its strategy of growing renewable capacity partly by buying plants already in operation in Tier 1 countries. Once closed, its North American renewable, wind, solar and storage capacity would reach about 13GW, and the portfolio would add about $145m a year to the group's ordinary EBITDA.
Deal terms and financing
The agreements, signed by Enel Green Power North America and EGPNA Project Holdco 2, provide for consideration of about $1bn, subject to customary adjustments, and value 100% of the portfolio at about $1.3bn. Enel is funding the purchase from operating cash flow.
Regulatory approvals and timing
Closing was subject to US regulatory authorisations. Excelsior said on 14 September 2026 that it had completed the sale of the 525MWac Faraday solar plant in Utah and the 100MWac Skyhawk plant in Tennessee to Enel for about $760m after clearing regulatory reviews; Renewable Watch reported that the remaining 205MW of wind capacity was expected to close by the fourth quarter of 2026.
Market context
Excelsior Energy Capital is a North American renewable energy fund manager; the sale was its largest exit to date and returned capital from its first fund. Faraday, which began commercial operation in September 2025, sells power under a 20-year agreement with PacifiCorp's Rocky Mountain Power, and Skyhawk sells to the Tennessee Valley Authority.
