Enel, through its wholly owned subsidiary Enel Green Power North America, has completed the acquisition of a portfolio of seven operating solar plants in the United States from a U.S. utility.
The portfolio has a combined installed capacity of approximately 270 megawatts (MW) and produces an average of around 0.4 terawatt-hours (TWh) per year.
The purchase price, equal to the enterprise value, is approximately $140 million. Enel expects the plants to add about $20 million per year to its ordinary EBITDA, and the transaction’s impact on the group’s net financial debt is around $180 million.
The deal follows an agreement the company signed in May.
The acquisition fits Enel’s strategy of accelerating growth in renewable generation capacity, including by buying operating assets, known as brownfield acquisitions, in its priority markets.
Buying plants that are already generating power lets a developer add capacity without the permitting, interconnection, and construction timelines that come with new projects, and it brings immediate revenue to the balance sheet.
Enel operates in 27 countries and has about 92 gigawatts (GW) of total generation capacity, including 67 GW of renewables through Enel Green Power. The company’s footprint spans electricity distribution networks and retail operations serving about 54 million customers worldwide.
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