Excelsior Energy Capital (“Excelsior”), a leading independent North American clean energy investor, today announced it has completed the sale of the firm’s Faraday and Skyhawk solar plants to subsidiaries of Enel S.p.A., a multinational power company and a leading integrated player in the global power and renewables markets, present in 27 countries worldwide. The total consideration is approximately $760 million1. The sale follows the signing of a purchase and sale agreement in February 2026, with the proposed transaction subsequently clearing required regulatory reviews.
Through this transaction, Excelsior Renewable Energy Intermediate Fund I LP, the firm’s $504 million inaugural fund, which closed in 2020, is selling its full interest in both plants. Excelsior Renewable Energy Investment Fund II LP, a $1 billion fund that closed in April 2025 that co-invested in Faraday, is selling its full interest in that project.
“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. This is our largest exit to date, and it positions us well as we continue to grow the Excelsior Energy Capital portfolio.”
Faraday, a 525 MWAC plant located in Utah County, Utah, is one of the largest utility-scale solar investments in the United States. The plant reached commercial operation in September 2025 and is backed by a 20-year power purchase agreement with PacifiCorp under Rocky Mountain Power’s Schedule 34 green energy tariff.
Skyhawk, a 100 MWAC solar plant located in Obion County, Tennessee, has been in commercial operation since 2023. The plant is backed by a long-term power purchase agreement with the Tennessee Valley Authority.
Morgan Stanley, KeyBanc Capital Markets, and Akin Gump advised Excelsior throughout the competitive sale process.
About Excelsior Energy Capital
Excelsior Energy Capital is a private fund investment manager focused on investing in the transformation of North America’s energy infrastructure, bringing reliable capital to create lasting partnerships and generate returns for its investors. Founded in 2017 and based in Excelsior, Minnesota, the firm closed its flagship fund, Excelsior Renewable Energy Investment Fund I, at $504 million in 2020, and closed its second fund, Excelsior Renewable Energy Investment Fund II, at just over $1 billion in 2025. For more information, visit www.excelsiorcapital.com.
1 Approximately 655 million euros (exchange rate at September 10, 2026).
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