German solar energy company Enpal has announced that it has raised €855 million ($910m) in a debt funding round, marking the largest residential solar debt fundraising in Europe to date. The funds, which were committed by Blackrock Alternatives, ING, Pricoa Private Capital, Unicredit and Infranity, will be used to refinance more than 30,000 new solar systems, energy storage units, and electric vehicle chargers.
Enpal aims to make green energy accessible to the mainstream and is leading the charge in Germany towards renewable energy adoption. The company’s CEO, Mario Kohle, said that “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.” Kohle went on to explain that as demand for renewable energy continues to rise, Enpal relies on a robust network of financing partners to allow the company to grow faster than anyone else in the market, installing a few thousand new solar units per month.
Enpal is unique in its approach to the solar energy market, with its own training center for solar installers, its own installation company with over 1,000 permanently employed installers and electricians, and its ability to purchase directly from the world’s largest PV manufacturers. This has allowed the company to overcome the bottlenecks that often plague the solar energy value chain and offer an average delivery time for a solar installation of just six weeks after a customer’s signature.
Enpal co-founder and Chief Investment Officer Viktor Wingert explained that “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.”