Enpal secures EUR 345m financing for new solar PV systems

Image by Enpal GmbH.

September 22 (Renewables Now) - German solar leasing company Enpal GmbH has secured EUR 345 million (USD 404.9m) in debt from a group of investors to refinance the installation of more than 15,000 solar PV systems.

The fundraise includes EUR 275 million in senior debt commitments from BlackRock (NYSE:BLK), Pricoa Private Capital and UniCredit (BIT:UCG) as well as a further EUR 70 million in the form of a subordinated mezzanine loan provided by institutional investors, Enpal said on Tuesday.

“This commitment enables us to further pursue our vision of providing green and affordable energy to private households and to fuel our growth,” said Enpal's project finance head Gregor Burkart.

The transaction brings Enpal's total refinancing commitments to EUR 500 million and follows a financing round in July in which the solar company raised EUR 100 million from investors such as HV Capital, SolarCity co-founder Peter Rive and others.

Enpal, founded in 2017 in Berlin, provides solar solutions to homeowners in a leasing model. In 2020, the company installed a total of 4,500 PV systems and pursues the ambitious goal of reaching one million PV systems by the end of the decade.

(EUR 1 = USD 1.174)

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