Enel SpA agreed to acquire an 830 MW portfolio of US wind and solar plants from Excelsior Energy Capital for USD 1bn (EUR 850m), according to a February 21 press release.

NPM reported in September 2025 that a process to a sell a 1.1 GW portfolio of Excelsior’s fully contracted clean energy projects—run by KeyBanc Capital Markets and Morgan Stanley–had advanced to a second round. In an interview conducted with NPM in April 2025, Excelsior partner Alex Ellis said projects would come out of its first fund, Excelsior Fund I.

The assets included six fully constructed US projects in California, Nebraska, Tennessee, Washington State, and Utah and across solar, wind and battery energy storage (BESS).

The enterprise value of 100% of the portfolio is roughly USD 1.3bn, including the tax partnership agreement.

Following the transaction close, a positive net effect of approximately USD 145m (EUR 125m) is estimated on Enel’s consolidated ordinary EBITDA at regime. Furthermore, the Enel Group is expected to achieve in North America an installed capacity entirely from renewable sources of approximately 13 GW of wind, solar and storage facilities.

The transaction is expected to close in 3Q26.

The transaction is in line with the Enel Group’s strategy, which envisages the growth of its generation capacity from renewable sources including through the acquisition of assets already in operation in Tier 1 countries.

The transaction was effectuated through its wholly owned subsidiaries Enel Green Power North America and EGPNA Project Holdco.

Enel is hosting its capital markets day on Monday, February 23.