Enel S.p.A. (“Enel”), acting through its wholly owned subsidiary Enel Green Power North America, signed an agreement with a US utility for the acquisition of a portfolio of seven operational photovoltaic (PV) plants, located in the United States, with an overall installed capacity of approximately 270 MW and an average output of around 0.4 TWh per year.
The agreement provides for a consideration as well as an enterprise value of about 140 million US dollars (equivalent to approximately 120 million euros), subject to adjustments customary for these types of transactions, with an impact on Group net financial debt of approximately 180 million US dollars (equivalent to around 155 million euros). The consideration for the acquisition will be financed by cash flows from current operations.
The PV plants are located in: Virginia, which hosts two of them for a total of over 120 MW; North Carolina, which hosts one of more than 90 MW, and South Carolina, which hosts four of them for a total of around 50 MW. Through the transaction announced, the Enel Group will enter these states for the first time.
Following the closing of the transaction, a positive net effect of approximately 20 million US dollars per year is estimated on the Enel Group´s consolidated ordinary EBITDA.
The closing of the transaction, expected by the end of 2026, is subject to certain conditions precedent customary for these kinds of transactions, including the issuance of the authorizations required by applicable U.S. regulations.
The transaction is coherent with the Enel Group’s strategy, which envisages accelerating growth of its generation capacity from renewable sources, including through the acquisition of assets already in operation in Tier 1 countries (Brownfield).
