In Europe’s Largest Residential Financing, Berlin Unicorn Enpal Closes €855 Mn in Debt Funding

Berlin-based solar systems maker, Enpal has secured debt funding worth €855 million. The fresh capital is aimed at providing impetus to solar adoption in all of Europe. Enpal, which was founded five years ago, is known for accelerating the adoption of solar systems in the residential sector.

The financing comes at a crucial juncture for Europe when the continent is confronting an energy crisis. The prices seems to be rising sharply, the supply chain is vulnerable.

Of the said amount, €585 million was provided by BlackRock Alternatives, ING, Pricoa Private Capital (the private capital business of PGIM) and UniCredit. Dutch multinational banking firm Dutch ING will provide €150 million. The rest of the funding was provided by Infranity, which specialises in infrastructure investments.

The new inflow of funding will augment Enpal’s refinancing commitments to a total of €1.4 billion. Along with the new round of financing, the cumulative funding of Enpal stands at close to €1.6 billion since the mid of June 2018. This primarily entails debt financing. In 2020, Enpal secure €150 M from SoftBank to battle climate crisis, while in September 2021, it raised €345 M for new solar projects in Germany.

Enpal is currently among the fastest growing energy firms in Europe. Its solar installations can be pegged at 20,000 every month.

As per reports, there will be a growth in demand for the European residential market by 2030, by which time, the market is anticipated to touch USD 62.33 billion. Meanwhile, in Germany, it is being said that Germany’s storage market in the residential sector more than doubled year on year in 2022. This year saw 220,000 new residential storage systems linked to rooftop PV installations.