Enel signed agreements to acquire an 830 MW portfolio of operating wind and solar assets in the US from Excelsior Energy Capital for approximately $1 billion, implying an enterprise value of $1.3 billion. The assets generate around 2.1 TWh annually and are expected to contribute roughly €125 million in recurring EBITDA at regime.

The core insight: Enel is deploying capital into contracted, cash-flowing US renewables to lock in immediate earnings rather than taking development risk.

This is a brownfield acquisition, fully aligned with its strategy of scaling renewables in Tier 1 markets through operating assets. The consideration will be funded through operating cash flows, not incremental leverage. Post-closing, Enel’s North American renewable capacity will reach roughly 13 GW.

At ~8x EV/EBITDA (based on disclosed regime contribution), this is disciplined capital recycling at scale. In a market where tax, permitting, and interconnection risks are compressing early-stage deal appetite, operating portfolios with visible output and embedded contracts are clearing.

Commercially, this signals two things. First, large strategics are prioritizing earnings certainty over pipeline optionality. Second, US operating assets remain liquid at scale when backed by credible generation and revenue visibility.

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