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Enel, an Italy-based multinational power company, has finalized the acquisition of seven operating photovoltaic plants in the United States with a total capacity of approximately 270 MW. The acquisition has been made through Enel Green Power North America, the group’s wholly owned subsidiary, and the seller is a US utility. The consideration amounts to approximately $140 million, which is also the enterprise value of the portfolio. The impact on the group’s net financial debt is around $180 million, since lease-related debt is included. In return, the plants are expected to add approximately $20 million a year to the group’s ordinary EBITDA. The plants are spread over Virginia, North Carolina and South Carolina, and the group has entered each of those three states for the first time. Enel has described the transaction as coherent with its strategy of acquiring assets that are already in operation in Tier 1 countries.
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