Enel Green Power North America, the US subsidiary of Italian utility Enel, has acquired a 270MW operational solar PV portfolio from an unnamed US utility.
The portfolio consists of seven projects in the southern US: four in South Carolina, two in Virginia and one in North Carolina; these are the first projects in these states that Enel has owned. All of the projects are currently operational—forming part of Enel’s strategy of obtaining renewable energy capacity “through the acquisition of assets already in operation”—and Enel expects to complete the transaction by the end of this year.
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Enel noted that it valued the portfolio at “about US$140 million”, and that the acquisition was financed by “cash flows from current operations”; last year, the company issued a US$4.5 billion bond, seeking investment from both US and international investors, as it looked to move away from financial instruments that are linked to “specific sustainability targets”.
However, this is not to say that Enel has moved away from investing in renewable energy more broadly. Indeed, earlier this year, the utility acquired an 830MW operational portfolio of solar PV and wind assets in the US, as part of a “sharp acceleration” in renewable energy investment.
Enel said that it expects the acquisition of the solar projects in the southern US to yield “a positive net effect” of around US$20 million per year to its earnings upon the completion of the deal. The financial performance of the company’s North American subsidiary worsened slightly between the first quarter of 2025 and 2026, posting a decline in revenue from US$451.9 million (€389 million) to US$357.9 million (€308 million) and a decline in earnings from US$297.5 million to US$254.5 million.
