German greentech unicorn Enpal this week secured senior refinancing commitments of more than €1 billion from Barclays Europe, Bank of America and Credit Agricole CIB in two separate ABS warehousing facilities, as well as total mezzanine debt commitments of € 118 million from CPP Investments.
The company raised over €400 million in June 2023, and its total structured refinancing commitments currently amount to over € 3.6 billion.
Enpal offers German homeowners a comprehensive, integrated renewable energy solution. Profitable since 2022, the company sells several thousand new energy systems every month and serves over 60,000 households.
The company's product offerings include a solar system, energy storage system, EV-charging station, heat pump, and the Enpal energy management platform. This intelligent combination of hardware and software is designed to optimise system performance and long-term customer savings.
The financials will provide over 35,000 German residential customers with an integrated financing solution for new photovoltaic (PV) systems and other renewable energy products, including energy storage, electric vehicle charging systems, and heat pumps. Enpal's proprietary energy management platform connects, manages, and optimises these products.
According to Viktor Wingert, Chief Investment Officer and Co-founder of Enpal:
"We are delighted to announce our partnerships with Barclays, Bank of America, Credit Agricole CIB, and CPP Investments, all leading players in the asset-backed security space, which will allow us to provide German homeowners with sustainable renewable energy solutions."
Gordon Beck, Head of European Corporate & Sustainable Securitisation at Barclays, says:
"Barclays is proud to support such an innovative firm as Enpal and looks forward to a long-term partnership.
As part of our commitment to facilitating $1 trillion of sustainable and transition finance by 2030, we are thrilled to provide Enpal the opportunity to roll out its product portfolio further and assist in introducing the residential solar asset-backed market in Europe."
Manuel Weller, Head of EU Structured Finance at Bank of America, shared:
"We are excited to support Enpal's mission to become Europe's one-stop shop for integrated green energy solutions with a powerful financing offering.
Bank of America's extensive credentials in the solar and energy space allow us to contribute meaningful expertise to establishing this new asset class in Europe."
Lead image: Enpal, Photo: uncredited.
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