Enel expands its U.S. solar portfolio with a $140 million acquisition
📌 Enel has signed an agreement to acquire 7 operating solar plants in the U.S. with a total capacity of around 270 MWdc and an enterprise value of about $140 million. This is a notable deal because Enel is not buying early-stage projects, but assets that are already generating cash flow.
💡 The portfolio is expected to produce around 0.4 TWh of electricity per year and contribute roughly $20 million in annual EBITDA after completion. At around $520/kW, the acquisition looks relatively attractive as demand for renewable energy assets in the U.S. remains strong.
🔎 The more important point is geographic expansion. The deal gives Enel its first presence in Virginia, North Carolina, and South Carolina, adding new clean-energy markets to its U.S. portfolio without having to build from scratch.
⚠️ The main risk now lies in the approval process, including antitrust clearance and FERC review, with completion expected by the end of 2026. Still, the market reaction was positive, with Enel shares rising about 1.4% on the day the news was released.
✅ Overall, this is a positive signal for Enel and also shows that renewable-energy M&A in the U.S. remains attractive, especially as clean-power demand from AI, data centers, and electrification continues to raise the strategic value of stable generation assets.