Excelsior Energy Sells Two Solar Plants to Enel for $760M
Excelsior Energy Capital has closed the sale of its Faraday and Skyhawk solar facilities to Enel subsidiaries in a deal worth roughly $760 million.
Excelsior Energy Capital, a Minnesota-based independent clean energy investment firm, has finalized the sale of two utility-scale solar assets — the Faraday and Skyhawk plants — to subsidiaries of Italian multinational Enel S.p.A. The transaction closed at approximately $760 million, marking a significant liquidity event for the North American renewables investor.
The deal underscores the sustained appetite among large global energy conglomerates for established, operational solar infrastructure in the United States. Enel, which operates across 27 countries and has positioned itself as one of the world's leading integrated renewables players, continues to expand its American footprint through targeted acquisitions rather than ground-up development alone.
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For Excelsior Energy Capital, the divestiture represents a textbook clean-energy private equity cycle: develop or acquire assets, stabilize operations, then exit to a strategic buyer at scale. A transaction of this size signals that institutional capital remains confident in the long-term value of solar generation assets, even as interest rate pressures have complicated project financing more broadly across the infrastructure sector.
The broader significance is hard to miss. As the U.S. renewables market matures, consolidation is accelerating — with well-capitalized multinationals like Enel absorbing assets from specialized independent sponsors who built them. That dynamic is likely to intensify as federal clean energy incentives from the Inflation Reduction Act continue to attract foreign capital into American solar and wind markets.
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