Enel has completed the turnaround in the United States, bringing Enel North America to positive cash generation, and can start the new phase of the growth plan.
The group, meanwhile, has announced the closing of the acquisition of an 810 MW solar portfolio in Utah and Tennessee, for a consideration of approximately 760 million dollars, it notes Mf.
Margin of 90 million per year
The two plants, already in operation, are both covered by power purchase agreements, i.e. long-term contracts with large industrial customers. Enel estimates that they will contribute approximately $90 million per year to the group’s ordinary gross operating margin.
The operation falls within the scope of the agreements signed in February 2026 with Excelsior Energy Capital, a private investment fund based in Minnesota, for the acquisition of over 1 Gw of total capacity, including solar and wind.
In the strategic plan presented to the markets in February 2026, the group led by CEO Flavio Cattaneo had already announced a strong acceleration in investments in renewable sources, concentrated in Tier 1 countries, including the United States. Since the beginning of 2026, Enel has already signed or finalized acquisitions for approximately 1.5 Gw between Europe and the USA. Meanwhile, the subsidiary Enel North America is out of the negative streak that has seen it burn cash at a rate of 900 million a year.
The strategy
In North America, in particular, the group follows a strategy of brownfield operations (a financial or industrial investment made on existing structures, plants or land), acquiring plants already in operation, and aims to continue growth through m&a operations.