German solar power systems provider Enpal locks down €855 million

According to our friends at EU-Startups, Berlin-based photovoltaic systems provider Enpal has secured a total of €855 million in new debt funding. In line with previous statements issued by a member of the solar mafia, the capital is aimed at driving photovoltaic system adoption on a pan-European level.

The capital breaks down as such:

- €585 million in debt commitments was provided by BlackRock Alternatives, ING, Pricoa Private Capital (the private capital business of PGIM) and UniCredit

- €150 million arrives via two ancillary working capital facilities provided by ING

- €120 million was provided by Infranity, a Generali-affiliate in the form of a Holdco loan

Including this new round of financing, Enpal’s total funding accrued since mid-June of 2018 amounts to approximately €1.6 billion, the vast majority of which is debt funding.

Previous backers of Enpal include HV Capital, E.R. Capital, FRIBA Investment, Heliad Equity Partners. Angel investors on the cap table include Peter Rive, former CTO and co-founder of SolarCity (acquired by Tesla), HelloFresh co-founder Thomas Griesel, ex-Auto1 COO Christopher Muhr, Delivery Hero Founder Lukasz Gadowski, Alexander Samwer (Picus Capital), and the founders of Zalando and Princeville Capital, whose climate technology fund is advised by, among others, actor and environmental activist Leonardo DiCaprio.

In a statement to EU-Startups, Enpal CEO and founder Mario Kohle says, “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.”

As a reminder, Enpal offers a photovoltaic (solar) panel rental programme that lasts 20 years and includes all installation, maintenance, and repair costs. At a flat fee of €49/month, this often works out to less than a standard electricity tariff. With photovoltaic systems having an average lifespan of 30 to 40 years, and at the end of the contract, Enpal subscribers can purchase the entire system for a symbolic €1.