Italian power utility Enel has bought two solar PV projects in the US with a combined 625MW of generation capacity.
The company’s subsidiaries bought the Faraday and Skyhawk projects from Excelsior Energy Capital, a US-based clean energy investor, for approximately US$760 million. The sale follows a purchase and sale agreement signed in February 2026, when Enel agreed to acquire an 860MW solar PV and wind power portfolio from Excelsior, through its subsidiaries Enel Green Power North America and EGPNA Project Holdco 2.
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The Faraday project is the larger of the two solar projects: a 525MW operational site in Utah County, Utah, which is contracted under a 20-year power purchase agreement (PPA) with PacifiCorp under Rocky Mountain Power’s Schedule 34 green energy tariff. Excelsior closed US$1.3 billion in financing for the project in November 2023.
The 100MW Skyhawk project in Obion County, Tennessee has been operational since 2023 and also has a long-term PPA in place with the Tennessee Valley Authority.
“The sale of Faraday and Skyhawk marks an important milestone for Excelsior,” said Alex Ellis, co-founder and partner, Excelsior Energy Capital. “This transaction reflects our continued progress in realizing value and returning capital to our investors and it underscores the strength of the contracted renewable infrastructure we build, with a focus on assets backed by strong counterparties and long-term power purchase agreements.”
The investor has funded two dedicated renewable energy investment vehicles, the Excelsior Renewable Energy Investment Funds. The second Fund closed in April 2025 with US$1 billion of committed capital, almost double the sum of the first fund which closed in 2021. Both funds were invested in the Faraday and Skyhawk projects, and have sold their stakes.
