US Excelsior and Italy's Enel Complete $760 Million Solar Deal

en.Wedoany.com Reported - Minnesota-based Excelsior Energy Capital and Italy's Enel have completed a $760 million deal. Enel acquired two large-scale solar plants from Excelsior, with a combined installed capacity of 810 MW DC.

The larger of the two plants is the Faraday solar plant in Utah County, Utah, with an installed capacity of 682 MW DC (525 MW AC). The plant entered commercial operation in September 2025 under a 20-year power purchase agreement with PacifiCorp, utilizing Rocky Mountain Power's (RMP) Schedule 34 green energy tariff. Under this mechanism, the plant's generation is purchased by Meta to offset its energy usage within RMP's service territory.

The other is the Skyhawk solar plant in Obion County, Tennessee, with an installed capacity of 127 MW DC (100 MW AC). The plant has been in commercial operation since 2023 and has a long-term power purchase agreement with the Tennessee Valley Authority (TVA). Similar to the arrangement for the Faraday project with Meta, the power and environmental attributes from the Skyhawk plant are delivered to Google through TVA's Green Invest program.

The two solar projects are part of a larger portfolio sale between the two companies, which exceeds 1 GW and includes 205 MW of wind capacity. Enel stated in a press release that, subject to regulatory approval, it expects to complete the acquisition of the wind capacity in the fourth quarter.

The press release did not name the specific facilities in the portfolio, but Excelsior Energy Capital's website lists the 204.7 MW White Creek Wind project as a current holding.

In this transaction, two Excelsior funds will sell all their interests in the aforementioned plants. Alex Ellis, co-founder and partner at Excelsior, called the sale of the Faraday and Skyhawk projects the company's largest exit to date, reflecting the company's continued progress in realizing value and returning capital to investors, as well as its focus on contracted renewable energy infrastructure backed by strong counterparties and long-term power purchase agreements. Ellis said this lays the foundation for continuing to expand Excelsior Energy Capital's investment portfolio.

The overall portfolio sold adds a batch of installed capacity to Enel's North American operations. Including the added capacity, Enel's US footprint includes 13 GW of wind, solar, and energy storage facilities; its global renewable energy division, Enel Green Power, manages 68 GW of installed capacity across wind, solar, storage, geothermal, and hydropower.