Minnesota-based Excelsior Energy Capital and global energy giant Enel have completed a $760 million transaction that sees the latter company acquiring two large solar projects from the former, totaling 810 MW DC in capacity.
The larger of the two sites is the 682 MW DC (525 MW AC) Faraday solar plant in Utah County, Utah, which reached commercial operation in September 2025 and is backed by a 20-year power purchase agreement with PacifiCorp under the Schedule 34 green energy tariff from Rocky Mountain Power (RMP). Through the tariff, the facility’s energy output is purchased by Meta to offset its energy usage in RMP territory.
The second facility is the 127 MW DC (100 MW AC) Skyhawk solar plant in Obion County, Tennessee, which has been in commercial operation since 2023 and is backed by a long-term power purchase agreement with the Tennessee Valley Authority. Similar to the Faraday Solar arrangement with Meta in Utah, the electricity and environmental attributes from Skyhawk Solar are delivered to Google through the TVA Green Invest program.
The two solar projects are part of a larger 1+ GW portfolio sale between the two companies that also includes 205 MW in wind capacity. A release from Enel states that the company expects to close the acquisition of the wind capacity in the fourth quarter, pending regulatory approvals.
Although the release does not name a specific facility included in the portfolio, the Excelsior Energy Capital website lists the 204.7 MW White Creek Wind project as a current holding.
The transaction will see two of Excelsior’s funds selling their full interest in the plants. Excelsior co-founder and partner Alex Ellis had this to say about the transaction:
“The sale of Faraday and Skyhawk marks an important milestone for Excelsior. This transaction reflects our continued progress in realizing value and returning capital to our investors and it underscores the strength of the contracted renewable infrastructure we build, with a focus on assets backed by strong counterparties and long-term power purchase agreements. This is our largest exit to date, and it positions us well as we continue to grow the Excelsior Energy Capital portfolio.”
The total portfolio included in the sale adds a significant new tranche of capacity to Enel’s North American operations. Including the new capacity, the company’s stateside footprint features 13 GW of wind, solar and storage facilities, and its global renewables arm, Enel Green Power, manages a mix of 68 GW in capacity across the wind, solar, energy storage, geothermal and hydroelectric power sectors.
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