Enel announced on Monday that it has entered into an agreement to purchase seven operational solar plants in the United States for approximately $140 million, inclusive of debt. The deal will be carried out by Enel Green Power North America, the group's U.S. renewables arm.
The seven facilities together offer an aggregate installed capacity of about 270 megawatts, with Enel reporting an average annual electricity output near 0.4 terawatt-hours. The plants are sited in three states - Virginia, North Carolina and South Carolina - and are being acquired as operating renewable assets.
According to the company, the transaction is expected to contribute roughly $20 million per year to ordinary earnings before interest, tax, depreciation and amortisation once finalised. Enel said it will use available cash from operations to fund the acquisition.
On the balance sheet impact, the group noted the deal will raise its net financial debt by about $180 million. That increase is larger than the enterprise value of the acquisition because of debt associated with leasing contracts tied to the assets.
The closing of the transaction is anticipated by the end of 2026, subject to receipt of the necessary regulatory approvals. Enel framed the purchase as consistent with its strategy to accelerate renewable generation growth, specifically through buying operational assets in Tier 1 countries.
Operational and strategic context
The acquisition expands Enel Green Power North America's footprint in the U.S. distributed solar fleet and adds immediately operating capacity and generation to the group's portfolio. The stated annual EBITDA contribution provides a clear near-term earnings uplift expectation, while the financing approach relies on the company’s internal cash flow.
Financial mechanics
Enel’s disclosure that net financial debt will rise by about $180 million - a figure that exceeds the enterprise value because of leasing liabilities - highlights the importance of accounting for off-balance or contract-related debt when assessing the transaction's leverage effect.
Conclusion
The purchase of seven U.S. solar plants for roughly $140 million supports Enel’s stated growth objectives in renewables and will add immediate generation and EBITDA, while also increasing reported net debt due to leasing-related obligations. Completion depends on regulatory sign-off and is targeted by the end of 2026.