When multinational power company Enel surveys the United States clean energy landscape, it sees big bucks.

And that’s ‘big’ with a capital-b.

On February 21, Enel SpA, acting through its wholly owned subsidiaries Enel Green Power North America and 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 megawatts (MW) and an expected average output of around 2.1 terawatt-hours (TWh) per year. The agreements provide for a consideration of approximately $1 billion (€850 million), subject to adjustments. The enterprise value of the portfolio is approximately $1.3 billion, according to Enel. The consideration for the acquisition will be financed by cash flows from current operations.

Enel anticipates a positive net effect of approximately $145 million (€125 million) per year on the Enel Group´s consolidated ordinary EBITDA once the transaction closes (estimated Q3 2026). The maneuver boosts Enel’s installed capacity entirely from U.S. renewable sources to approximately 13 gigawatts (GW) of wind, solar, and storage facilities.

Enel, one of the world’s biggest clean energy players, generates electricity with approximately 93 GW of total capacity.  Enel Green Power, the Group’s renewables arm, has a total capacity of approximately 68 GW and a generation mix that includes wind, solar, geothermal, and hydroelectric power, as well as energy storage facilities, installed in Europe, the Americas, Africa, Asia, and Oceania.

Enel’s Power Plays

The $1B U.S. transaction aligns with the Enel Group’s strategy, which seeks growth of its generation capacity from renewable sources, including through the acquisition of assets already in operation in Tier 1 countries.

Enel said on Monday it plans to invest about $31 billion (€26 billion) in its power grids through 2028. Of this, roughly 21% is earmarked for Spain, where it operates through Endesa.

The grid work represents about half of the power company’s recently announced €53 billion investment strategy running through 2028. Enel is intent on expanding renewable energy in the U.S. and Europe, emphasizing wind power, battery storage, and both new and existing projects. Enel SpA’s stock rose the most in almost four years after announcing its latest investment wave.

In the United States, reliability-focused generation deals, including Constellation’s $29 billion acquisition of Calpine and NRG Energy’s $12.5 billion purchase of LS Power, are reshaping the power landscape. Enel Green Power’s growing presence lends stability to a sector where regulated utility mergers and portfolio reshuffling have accelerated as companies seek scale and balance-sheet strength to manage rising capital demands. After several years of steady but restrained dealmaking, 2025 marked a clear inflection point for the U.S. power and utilities sector, with artificial intelligence and data center demand poised to play central roles in generation investment strategy and deal structure.