Tesla Investor Bets On German Residential Solar Company

• Enpal has announced a Series D funding round for €215 million for the German installer
• It quadrupled revenues, crossing more than 400 million EUR in 2022
• Investors include TPG Rise Fund, Westly Group, Active Capital and some existing funders
• With the new funding, Enpal says its valuation now stands at over €2.2 billion

Quickly growing German residential solar company Enpal has announced a Series D funding round worth €215 million from a host of investors that include Tesla investor Westly Group, that the German company claims takes its overall valuation to $2.2 billion.

Investors in this round, apart from Westly Group, include TPG Rise Climate, Active Capital along with existing ones as HV Capital, SoftBank Vision Fund II and Princeville Climate Tech, local media reported referring to a company statement.

Viktor Wingert, Co-founder and Chief Investment Officer of Enpal, said: "Building the largest renewable community is the challenge of our lifetime. We require strong investors and financing partners to continue our path. This latest funding round, in addition to the recently secured 855m EUR in refinancing puts us in a unique position to grow faster and stronger in 2023 and beyond. Winning the trust of such high-caliber partners in a challenging macroeconomic environment leaves us very humble, but more eager than ever to deliver on our vision."

Enpal's business model comprises renting out solar systems on subscription basis and providing technical support for the same. Its customer count stands at 30,000 and claims to install more than 2,000 systems a month. While focusing exclusively on its home market in the past, the company says, fresh funding will enable it to starting operations in other European markets as the continent looks up to solar as strengthening its energy system that's under duress in the wake of Russian war in Ukraine. Moreover, it plans to offer additional products to customers to gain maximum energy independence with 100% renewable energy.

In 2022, Enpal said it crossed 400 million EUR in revenues and also ended the year profitably.‍ Jochen Cassel, CFO of Enpal, said: "Enpal has just finished an incredible year: We have successfully quadrupled our growth while for the first time delivering a healthy profit. We are now in full control to continue our growth trajectory, become cash flow positive, and further invest into our customers and products."

The new funds follows €855 million refinancing capital Enpal raised from lenders including BlackRock Alternatives, Unicredit, among others in December 2022 calling it the largest transaction of its kind in Europe (see 'Largest' Financing Transaction For Residential Solar In Europe).