Enpal, a German-based solar and battery leasing solutions company, secured €215 million (~$233 million) in series D funding led by TPG Rise Climate to support the company’s expansion plans.

Investment companies such as Westly Group and Activate Capital also participated in the round along with existing investors HV Capital, SoftBank Vision Fund 2, and Princeville Climate Technology.

The amount raised is expected to help increase the company’s product portfolio, expand into new markets, and further develop its intelligent energy platform.

The company’s plans include expanding into other European markets.

Enpal offers integrated packages for climate-neutral homes, including the solar system, storage, and wall box, supplemented by greenhouse gas emissions environmental bonus, green electricity tariff, customer app, and energy cloud platform.

According to the company, it recorded a profitable year in 2022 by exceeding a €400 million (~$432 million) sales mark and around 30,000 customers in Germany alone.

“Enpal’s success and rapid growth in Germany puts the company in an excellent position to enter new markets, products, and services and to establish itself as a leading player in this sector. As fossil fuel prices remain high and governments take policy action to accelerate the energy transition, we continue to believe in the immense importance of decarbonizing households across Europe,” said Edward Beckley, Partner at TPG and a senior member of the investment team at TPG Rise Climate.

Berenberg acted as the exclusive financial advisor to Enpal.

Last year, the company 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.

According to Mercom’s Annual and Q4 2022 Solar Funding and M&A Report, the total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $24.1 billion, a decline of 13% compared to the $27.8 billion raised in 2021. The total deal count, however, was up by over 20% year-over-year (YoY).