Recently, Italian multinational energy company Enel S.p.A., through its wholly-owned subsidiaries Enel Green Power North America and EGPNA Project Holdco 2, reached an agreement with Excelsior Energy Capital to acquire a portfolio of US wind and solar projects. The total installed capacity of the acquired projects is 830 MW, with an estimated average annual generation of approximately 2.1 TWh. The acquisition consideration is approximately $1 billion, with an enterprise value of around $1.3 billion, funded by the company’s operating cash flow.
The acquisition transaction is expected to be completed in the third quarter of 2026. Upon completion, it is projected to have a positive net impact of approximately $145 million on the company’s consolidated EBITDA annually. The addition of these US wind and solar assets will increase Enel’s renewable energy installed capacity in the United States to approximately 13 GW, encompassing wind, solar, and energy storage facilities.
Enel is one of the world’s major clean energy players, with a total power generation capacity of approximately 93 GW. Its renewable energy division, Enel Green Power, has a total capacity of about 68 GW, with operations spanning wind, solar, geothermal, and hydropower across multiple continents. This acquisition of US wind and solar projects aligns with the company’s strategy to expand its renewable energy capabilities through the acquisition of operating assets.
The company also plans to invest approximately $31 billion in grid infrastructure by 2028, with about 21% allocated for the Spanish market. Grid investments account for roughly half of its recently announced €53 billion investment strategy, focusing on expanding renewable energy projects, including wind and battery storage, primarily in the United States and Europe. Following the announcement of the latest investment plan, the company’s shares experienced their largest increase in nearly four years.
In the US electricity market, a focus on reliability-oriented transactions, such as Constellation’s acquisition of Calpine and NRG Energy’s acquisition of LS Power, is reshaping the industry landscape. Through Enel Green Power’s expansion, Enel is contributing stability to the sector. As utility mergers accelerate, the company seeks to enhance its scale to meet capital demands. 2025 could prove to be a turning point for the US power and utility industry, with artificial intelligence and data center demand influencing generation investments and transaction structures.
