Enel Green Power North America agreed to acquire a 270-MWdc operational solar portfolio in the US for about USD 140 million. The seller is an unnamed US utility. The assets include seven PV farms across Virginia, North Carolina, and South Carolina. The deal gives Enel its first solar footprint in all three states.

The shift is clear. US solar M&A is moving toward operating portfolios that offer immediate EBITDA, limited permitting risk, and lower exposure to tax-credit uncertainty. Enel expects the portfolio to add around EUR 20 million of annual ordinary EBITDA, making cash-flow visibility the commercial driver.

This follows a broader 2025 pattern. Enerdatics tracked over USD 9 billion in US solar M&A, with investors prioritizing NtP, under-construction, and operational portfolios over early-stage pipelines amid regulatory and financing uncertainty.

Enel is a listed utility-backed buyer, not a pure financial sponsor. Its strategy differs from PE-led platform deals, but the asset logic is similar: buy de-risked MW, avoid development attrition, and enter markets through operating capacity.

The Southeast angle matters. Virginia, North Carolina, and South Carolina offer load growth, utility-scale solar penetration, and corporate demand, but fewer large open-market transactions than ERCOT or PJM.

This signals more utility-to-utility recycling of operational solar assets as strategic buyers use balance sheets to secure cash-flowing regional platforms.

Want to track the latest M&A, financings, PPAs, and key developments across the industry? Explore the Enerdatics Insights page.