Enel Acquires 810 MW Solar Portfolio for $760M

Excelsior Energy Capital and Enel have closed a $760 million deal for two large solar projects, totaling 810 MW DC capacity. The transaction includes the Faraday solar plant in Utah County, Utah, with a 682 MW DC (525 MW AC) capacity, and the Skyhawk solar plant in Obion County, Tennessee, with a 127 MW DC (100 MW AC) capacity.

The two plants are under long-term power purchase agreements with major utilities, including PacifiCorp and the Tennessee Valley Authority. The electricity generated by these facilities is purchased by Meta and Google to offset their energy usage. Enel expects to close the acquisition of a 205 MW wind facility in the fourth quarter, pending regulatory approvals.

Excelsior co-founder Alex Ellis stated that this transaction reflects their continued progress in realizing value for investors and underscores the strength of contracted renewable infrastructure with strong counterparties.