Enel, a multinational power company, has completed the acquisition of a 625 MW solar portfolio in the United States from Excelsior Energy Capital for approximately $760 million through its wholly owned subsidiaries Enel Green Power North America and EGPNA Project Holdco 2.

The transaction follows agreements signed in February 2026 to acquire a portfolio of wind and solar projects with more than 830 MW. The enterprise value of the entire portfolio is approximately $1.3 billion, considering a tax partnership agreement. Enel financed the acquisition through cash flows from its current operations.

Enel completed the solar acquisition after fulfilling the conditions included in the February agreements. These included approvals from the relevant U.S. antitrust authority, the Federal Energy Regulatory Commission, and the U.S. government for foreign direct investment.

The agreements also cover 205 MW of wind capacity. Enel expects to complete the acquisition of the remaining wind assets by the fourth quarter of 2026.

Following the expected closing of the wind acquisition, Enel Group said its installed renewable energy capacity in North America would exceed 13 GW across wind, solar, and energy storage facilities.

Enel expects the acquired solar portfolio to contribute approximately $90 million annually to the group’s consolidated ordinary EBITA.

The transaction is part of the company’s strategy to expand renewable generation capacity through acquisitions of operating assets.

In May 2026, the company signed an agreement with a U.S. utility to acquire seven operational solar projects located in Virginia, North Carolina, and South Carolina. Enel said the transaction would mark the group’s first entry into these three states.

According to Mercom’s 1H and Q2 2026 Solar Funding and M&A report, approximately 25.2 GW of solar projects were acquired in the first half of 2026, compared to 19.9 GW in the first half of 2025.