Enel, through its wholly owned subsidiary Enel Green Power North America, has signed an agreement with a U.S. utility to acquire seven operational solar projects.

The solar portfolio has a total installed capacity of approximately 270 MW and is expected to generate an average annual output of about 0.4 TWh. The projects are located in Virginia, North Carolina, and South Carolina. Enel said the transaction would mark the group’s first entry into these three states.

The portfolio includes two solar photovoltaic projects in Virginia with a combined capacity of more than 120 MW, one project in North Carolina with a capacity of more than 90 MW, and four projects in South Carolina with a total capacity of around 50 MW.

The agreement values the acquisition consideration and enterprise value at about $140 million, which is subject to customary adjustments for transactions of this type. Enel said the acquisition would have an impact of approximately $180 million on the group’s net financial debt, including lease-related debt.

The company said it would finance the acquisition through cash flows from current operations.

The closing is expected by the end of 2026. It remains subject to customary conditions precedent, including approvals required under applicable U.S. regulations. These include authorization from antitrust authorities and the Federal Energy Regulatory Commission.

Enel estimated that, after the transaction closes, the portfolio would have a positive net effect of approximately $20 million per year on the group’s consolidated ordinary earnings before interest, taxes, depreciation, and amortization.

According to Mercom’s Q1 2026 Solar Funding and M&A report, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.

In April 2026, CleanCapital, a U.S.-based independent power producer focused on distributed renewable energy, sold a 120 MW solar project in Harrison County, Ohio, to Energix Renewables, an independent power producer that develops, constructs, owns, and operates renewable energy projects.