Italian power company Enel (ENEI.MI), opens new tab said on Monday it had agreed to buy seven solar plants in the United States, with an overall installed capacity of approximately 270 megawatts, for roughly $140 million including debt. The deal, carried out through the Enel Green Power North America unit, hands Enel facilities in the states of Virginia, North Carolina and South Carolina, with an average annual production of around 0.4 terawatt-hours, Enel said.
Enel said the acquisition would contribute about $20 million per year to its ordinary earnings before interest, tax, depreciation and amortisation once completed. The transaction will be funded with available cash from operations. It is expected to increase the group's net financial debt by about $180 million, higher than the deal's enterprise value due to debt associated with leasing contracts.
