Italian utility Enel has acquired an 830MW portfolio of operating solar and wind assets in the US from Minneapolis-based investment firm Excelsior Energy Capital.
The company has also outlined plans in its 2026-28 strategy for a “sharp acceleration” in renewables investment as it seeks to build capacity in target markets.
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The US$1 billion portfolio acquisition is being executed through Enel subsidiaries Enel Green Power North America and EGPNA Project Holdco 2, with the transaction expected to close in the third quarter of 2026.
According to the company, the portfolio is expected to generate around 2.1TWh annually and deliver a positive net impact of approximately US$145 million to its consolidated earnings before interest, taxes, depreciation and amortisation. Following the acquisition, Enel’s North American renewables portfolio will comprise roughly 13GW of installed capacity across wind, solar and storage.
Additionally, the company today unveiled plans to invest around €20 billion (US$23.6 billion) in renewables between 2026 and 2028, approximately €8 billion higher than its previous target. The company outlined a broader €53 billion capital expenditure plan for the period to accelerate growth across its portfolio.
Enel plans to allocate around 50% of its renewable capex to Europe, focusing on regulated auctions, hybridisation, repowering and brownfield opportunities. The remaining investment will target Tier 1 markets, primarily the US, backed by long-term power purchase agreements (PPAs) to secure stable returns.
The group expects to increase its installed renewable capacity to over 80GW by 2028, up from around 68GW at the end of 2025. The planned addition will comprise roughly 9GW of greenfield and 6GW of brownfield projects, with more than 75% of new capacity coming from wind and energy storage.
Rome-headquartered Enel operates in 28 countries with around 93GW of total installed capacity. Its renewables arm, Enel Green Power, accounts for approximately 68GW across wind, solar, hydro, geothermal and storage assets spanning Europe, the Americas, Africa, Asia and Oceania.
In September 2025, Enel issued a US$4.5 billion bond targeting US and international investors, marking what it said was the largest placement by a European utility that year.
The offering was around three times oversubscribed, attracting orders of approximately US$14.4 billion, which the company said underscored investor confidence in its strategy and financial strength.
