Enel buys seven solar plants in the U.S. for $140 million

The Italian energy company Enel has bought seven solar power plants in the United States for about $140 million, through its subsidiary Enel Green Power North America. The plants are already up and running, with a combined capacity of about 270 megawatts and average yearly output of roughly 0.4 terawatt-hours. The seller was an unnamed U.S. utility.

Enel says the deal fits its strategy of growing its renewable energy holdings by buying up working solar and wind projects in established markets like the U.S. The company expects the purchase to add about $20 million a year to its earnings, though it will also add roughly $180 million to its debt.

This is a corporate deal between large energy companies and does not involve any new construction, rebate program, or change to local utility rates. It does not create new incentives or options for homeowners. It simply means more of the existing U.S. solar power supply is now owned by Enel rather than the previous utility owner. For most homeowners, this is background news about who controls large-scale solar generation rather than something that changes your own electric bill, your access to rebates, or your options for home energy upgrades.