From: Mercom India
Photovoltaics (PV) leasing firm Enpal has raised €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany.
The company said that the funds would be used to increase the accessibility of green energy to homes and businesses, given that power costs are constantly rising amid the global climate crisis.
Enpal secured combined senior commitments worth €585 million (~$622 million) from global investor BlackRock Alternatives, international financial institution ING, investment partner Pricoa Private Capital, and pan-European commercial bank Unicredit.
Additionally, it secured two ancillary working capital facilities of €150 million (~$159.6 million) from ING, enabling Enpal’s stable fund utilization.
With the latest fundraise, the total refinancing commitments of Enpal amount to around €1.4 billion (~$1.49 billion).
Enpal’s Founder and CEO Mario Kohle said, “As we see customer demand rising continuously as more and more people adopt the model of energy independence, we rely on a robust network of financing partners to allow us to grow faster than anyone else in the market, installing a few thousand new solar units per month.”
The company owns an installation facility with more than 1,000 permanent installers and electricians. The average delivery time Enpal takes for a solar installation is around six weeks after a particular customer has signed a deal.
“Not all customers have the necessary funds to purchase a solar system upfront. Our dream is that everyone has a solar system on their roof, an electric car in front of their house, an energy-storage unit in their home, and to bring all these people together to form one big renewable community,” said Enpal’s co-founder and chief investment officer Viktor Wingert.
Last year, Enpal raised €275 million (~$292.28 million) from BlackRock, Pricoa Private Capital, and UniCredit. In addition, institutional commitments of €70 million (~$74.41 million) were signed in the form of a subordinated mezzanine loan.
It also raised €150 million (~$159.42 million) from SoftBank Vision Fund 2 in a Series C funding round.