Berlin-based unicorn Enpal is on a mission to create a renewable energy future for Europe. One of the fastest-growing companies in the energy sector at the moment, the firm has just closed a total of €855 million in refinancing.
It seems that rarely a day goes by when we don’t hear about the unfolding and escalating energy crisis in Europe. With prices rising, the supply chain becoming increasingly insatiable and the climate crisis ever more present, Europe’s energy system is at a pivotal moment. Now, across the continent, the urgency of transitioning to more stable, more dependable and more planet-positive energy alternatives has reached an all-time high.
Renewable energy sources are the future – there can be no doubt about that – and there is a range of options available. The challenge is to make access to these sources available to everyone across the continent and to do so fast and without friction.
Berlin-based Enpal aims to help achieve this, accelerating the energy transition with accessible solar technology. Now the firm has been able to originate further capital for its refinancing engine in Europe’s largest residential solar financing to date.
The details
- A total of €855 million was secured in debt funding
- Included senior debt commitments of €585 million from internationally leading investors BlackRock Alternatives, ING, Pricoa Private Capital (the private capital business of PGIM) and UniCredit
- Two ancillary working capital facilities of €150 million provided by ING will enable Enpal to utilize the funds more efficiently
- All senior lenders have already previously provided capital to Enpal and significantly increased their commitments as part of this transaction
- Further institutional commitments by Infranity, a Generali-affiliate of up to €120 million were signed in the form of a Holdco loan
- This transaction increases Enpal’s overall refinancing commitments to around €1.4 billion
Enpal founder and CEO Mario Kohle: “We are delighted to partner with this amazing set of banks and institutional investors again who support our mission to make green energy simple, affordable and accessible to all. 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.”
Fueling growing demand for solar energy
Founded in 2017, Enpal is a European unicorn with a vision to make it easier for homeowners to switch to solar energy. It offers a complete package consisting of a solar system, energy storage, its own green electricity tariff and a smart home environment on a subscription basis.
Enpal offers the first integrated package for a climate-neutral home including PV systems, energy storage, EV chargers, green electricity tariffs and smart energy managers. What’s more, the company rents out the systems which democratise access to solar energy, taking away often sky-high upfront costs, and also provides an all-inclusive care-free package.
We chatted with Mario Kohle, the founder and CEO, earlier this year to learn about how he has grown the firm to one of Europe’s fastest-growing energy companies in Europe. It currently counts about 30k customers, installing over 2000 solar energy systems per month.
Enpal co-founder and Chief Investment Officer Viktor Wingert: “Enpal wants to make green energy accessible for the mainstream and is spearheading a trend in Germany. “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.”
With its own training centre for solar installers, its own installation company with over 1,000 permanently employed installers and electricians, and with purchasing directly from the world’s largest PV manufacturers, Enpal is overcoming the bottlenecks of the solar energy value chain. Enpal’s average delivery time for a solar installation is about six weeks after the customer’s signature.
With this refinancing, the firm will be able to accelerate solar adoption, helping fuel Europe’s energy transition and create a more sustainable energy future.
ING acted as financial advisor on this transaction, legal advice to Enpal was provided by Greenberg Traurig. The lenders were advised by Simmons & Simmons (transaction documentation & legal due diligence), Everoze (technical due diligence) and Marsh (insurance due diligence). For both facilities, ING acts as Senior Agent, Account Bank and Security Agent, and UniCredit is engaged as KfW Agent.
