Solar leasing firm Enpal secures EUR 70m to fund expansion

German solar leasing company Enpal GmbH has received a financing commitment of up to EUR 70 million (USD 73.61m) from Prime Capital AG to refinance the installation of thousands of new solar plants, energy storage systems and charging stations for electric cars.

The capital will be provided in the form of a subordinated mezzanine loan, the Berlin-based company said on Monday.

The agreement with Frankfurt-based Prime Capital brings Enpal's total financing to over EUR 800 million and follows a fundraise led by BlackRock (NYSE:BLK), Pricoa Private Capital and UniCredit (BIT:UCG). In the financing round, that took place in September 2021, the start-up raised EUR 345 million to refinance the deployment of more than 15,000 solar PV systems.

The solar company noted that it is working with existing and new lenders to increase the commitments to over EUR 1 billion.

Founded in 2017, Enpal provides solar solutions to homeowners in a leasing model. The start-up sets up more than 1,300 photovoltaic (PV) systems per month across Germany and pursues the ambitious goal of installing renewable energy solutions at ten million homes by the end of the decade.

(EUR 1 = USD 1.052)

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