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Darrell Proctor
Enel Group announced it has agreed to acquire seven solar photovoltaic facilities across three states as the company expands its U.S. portfolio.
Enel, acting through wholly owned subsidiary Enel Green Power North America, on May 18 said it has an agreement to invest $140 million for the purchase of the plants, which the company said have combined generation capacity of 270 MW. Four of the solar farms are in South Carolina. Two of the facilities are in Virginia, and one is in North Carolina.
Officials on Monday said 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.” The solar farms mark Enel’s first entry in those three states.
The transaction is expected to close by year-end.
Enel in February of this year, acting through Enel Green Power North America and wholly owned subsidiary EGPNA Project Holdco 2, signed agreements with Excelsior Energy Capital for the acquisition of a portfolio of U.S. wind and solar plants with a total installed capacity of 830 MW. The projects have expected average output of about 2.1 TWh annually. Enel said the purchase represents investment of about $1 billion.
—Darrell Proctor is a senior editor for POWER.
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