Solar leasing company from Germany, Enpal GmbH has raised what it calls is the largest financing transaction of this type for residential solar in Europe to date, with €855 million that can support installations for over 30,000 new solar, energy storage systems and wall boxes in Germany.
"We rely on a stable network of financing partners, which enables us to grow faster than anyone else in the market and to install thousands of new solar systems per month," said Enpal Founder and CEO Mario Kohle.
The refinancing capital includes €585 million senior financing commitments from funds managed by BlackRock Alternatives, ING, Pricoa Private Capital and Unicredit, with ING providing 2 additional RCF and VAT facilities of a total €150 million. A subsidiary of Generali, Infranity has agreed to a €120 million Holdco loan.
The transaction now expands the company's refinancing commitments to around €1.4 billion.
Enpal claims to have a 6-week average delivery time for the solar systems sourced directly from the world's largest PV manufacturers.
"Not all customers have the capital to buy a solar system in advance," said Enpal co-founder and Chief Investment Officer Viktor Wingert. "Our dream is for everyone to have a solar system on the roof, an electric car in front of the house and an electricity storage system in the house and we bring all these people to a large renewable community together."
In October 2021, it had raised €150 million from SoftBank Group's Vision Fund 2, having closing its Series C funding round with €250 million with investors including SolarCity founder Peter Rive. It made the German company's stock valuation reach €950 million (see Enpal Becomes Solar Unicorn In Germany).
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