Enel has signed an agreement to acquire a portfolio of seven operational solar plants in the United States with a combined installed capacity of around 270MW, as the Italian energy group continues to expand its renewable generation footprint in North America.

The transaction will be carried out through Enel Green Power North America and includes photovoltaic (PV) assets located across Virginia, North Carolina and South Carolina.

According to the company, the portfolio is expected to generate around 0.4TWh of electricity annually.

The acquisition marks Enel’s first entry into the states of Virginia, North Carolina and South Carolina.

The portfolio includes:

• Two solar plants in Virginia with a combined capacity of more than 120MW
• One project in North Carolina with more than 90MW
• Four plants in South Carolina totalling around 50MW
• The seller was identified only as a US utility.

Deal value and financial impact

The agreement provides for a consideration and enterprise value of approximately $140m, equivalent to around €120m, subject to customary transaction adjustments.

Enel said the acquisition will have an impact of approximately $180m on the group’s net financial debt and will be financed through cash flows from current operations.

Following completion of the transaction, the company expects the assets to contribute around $20m annually to consolidated ordinary EBITDA.

The deal is expected to close by the end of 2026, subject to customary conditions and regulatory approvals required under US legislation.

Strategy focused on operational renewable assets

According to Enel, the acquisition aligns with the group’s strategy to accelerate growth in renewable generation capacity through the purchase of operational assets in “Tier 1” markets.

The company described the transaction as part of its brownfield expansion strategy, focused on acquiring renewable assets already in operation rather than developing projects from scratch.