Germany based residential solar energy start-up Enpal has completed yet another round of funding securing €430 million commitments that it claims takes its total refinancing commitments to exceed €1.9 billion, and help install more than 13,000 new renewable energy solutions in Germany.
Calling it the largest residential renewable energy debt fundraising activity in Europe to date, Enpal said its renewable energy solutions to be installed with this funding will include solar systems, storage units and EV chargers.
Funding includes existing investor BlackRock committing €100 million via its Infrastructure Debt business, including €50 million by UK based pension manager Phoenix Group. ING Germany too has increased its investment by an additional €150 million to its existing debt commitment, accompanied by further ancillary RCF and VAT facilities worth €80 million in total. Asset manager DWS has also pitched in with €100 million.
Enpal Co-Founder and Chief Investment Officer Viktor Wingert welcomed DWS and Phoenix Group as it financing partners.
The company that rents out solar systems on subscription basis for residential PV segment, counts to have more than 40,000 customers in Germany.
In January 2023, the SoftBank backed company raised €215 million equity funding from a host of investors including Tesla investor Westly Group to value itself at €2.2 billion (see Tesla Investors Bets On German Residential Solar Company). In late 2021, Enpal became a unicorn with its stock valuation reaching €950 million, equivalent of $1.1 billion, after Masayoshi Son headed SoftBank group committed €150 million in the company (see Enpal Becomes Solar Unicorn In Germany).
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