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<a href="https://www.enpal.de/" target="_blank" rel="noopener">Enpal</a>, a German-based solar and battery leasing solutions company, secured €215 million (~$233 million) in series D funding led by TPG Rise Climate to support the company&#8217;s expansion plans.
Investment companies such as Westly Group and Activate Capital also participated in the round along with existing investors HV Capital, SoftBank Vision Fund 2, and Princeville Climate Technology.
The amount raised is expected to help increase the company&#8217;s product portfolio, expand into new markets, and further develop its intelligent energy platform.
The company&#8217;s plans include expanding into other European markets.
Enpal offers integrated packages for climate-neutral homes, including the solar system, storage, and wall box, supplemented by greenhouse gas emissions environmental bonus, green electricity tariff, customer app, and energy cloud platform.
According to the company, it recorded a profitable year in 2022 by exceeding a €400 million (~$432 million) sales mark and around 30,000 customers in Germany alone.
&#8220;Enpal&#8217;s success and rapid growth in Germany puts the company in an excellent position to enter new markets, products, and services and to establish itself as a leading player in this sector. As fossil fuel prices remain high and governments take policy action to accelerate the energy transition, we continue to believe in the immense importance of decarbonizing households across Europe,&#8221; said Edward Beckley, Partner at TPG and a senior member of the investment team at TPG Rise Climate.
Berenberg acted as the exclusive financial advisor to Enpal.
Last year, the company <a href="https://mercomindia.com/pv-leasing-firm-enpal-million-for-solar-projects-in-germany/#:~:text=PV%20Leasing%20Firm%20Enpal%20Raises%20%E2%82%AC855%20Million%20for%20Solar%20Projects%20in%20Germany,-The%20funds%20will&amp;text=Photovoltaics%20(PV)%20leasing%20firm%20Enpal,electric%20vehicle%20chargers%20in%20Germany." target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany.
According to Mercom&#8217;s Annual and Q4 2022 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, the total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $24.1 billion, a decline of 13% compared to the $27.8 billion raised in 2021. The total deal count, however, was up by over 20% year-over-year (YoY).

Solar and Storage Leasing Firm Enpal Raises $233 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solar-and-battery-leasing-firm-enpal-raises-233-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Enpal, a German-based solar and battery leasing solutions company, <a href="https://www.enpal.de/pressemitteilungen/enpal-to-receive-215-million-eur-in-series-d-round-led-by-tpg-rise-climate" target="_blank" rel="noopener">secured</a> €215 million (~$233 million) in series D funding led by TPG Rise Climate to support the company&#8217;s expansion plans. As a part of the fundraising, along with Westly Group and Activate Capital, two additional major climate investors came on board. Existing investors such as HV Capital (with support from the European Investment Bank), SoftBank Vision Fund 2, and Princeville Climate Technology also participated and increased their commitments.
France-based energy firm ENGIE <a href="https://mercomindia.com/energy-firm-engie-billion-through-green-bonds/" target="_blank" rel="noopener">raised</a> €2.75 billion (~$2.9 billion) after closing its triple-tranche green bond issue. The transaction delivered an average coupon rate and duration of 3.93% and 12.4 years, respectively. The company said the issuance covers a substantial part of ENGIE&#8217;s financing needs for 2023.
Chara, a Bengaluru-based manufacturer of electric motors for electric vehicles (EV), <a href="https://mercomindia.com/electric-vehicle-motor-maker-chara-raises/" target="_blank" rel="noopener">raised</a> $4.75 million in a pre-series A round funding led by Exfinity Venture Partners. The funding round also saw participation from Vietnam-based Big Capital, a venture arm of Bitexco and Log9 Materials. Existing investors Kalaari Capital and ciie.co also participated in the round.
Electric powertrains technology company Entuple E-Mobility <a href="https://mercomindia.com/tech-firm-entuple-e-mobility-secures-in-pre-series-a-funding/" target="_blank" rel="noopener">raised</a> $3 million in pre-series A funding from Blue Ashva Capital and Capital A to enhance the company&#8217;s research and development capabilities for new technologies. The company said the funding would be used to develop next-generation traction motors and drives for mobility applications, including machine learning and advanced telematics capabilities in its product.
Norway&#8217;s development finance institution Norfund said it would <a href="https://mercomindia.com/norfund-to-million-in-indian-waste-to-energy-company-sael/" target="_blank" rel="noopener">invest</a> about NOK 600 million (~$60.5 million) in the Indian solar and agricultural waste-to-energy company SAEL. The investment will help SAEL support its target of growing its renewables portfolio to 3 GW by 2028 by adding 100 MW of new biomass and 400 MW of new solar capacity annually to its existing portfolio of 600 MW.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-shell-completes-acquisition-of-sprng-energy/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar and Battery Leasing Firm Enpal Raises $233 Million

From: <a href="https://mercomindia.com/pv-leasing-firm-enpal-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">Mercom India</a>
Photovoltaics (PV) leasing firm <a href="https://www.enpal.de/">Enpal</a> has raised €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany.
The company said that the funds would be used to increase the accessibility of green energy to homes and businesses, given that power costs are constantly rising amid the global climate crisis.
Enpal secured combined senior commitments worth €585 million (~$622 million) from global investor BlackRock Alternatives, international financial institution ING, investment partner Pricoa Private Capital, and pan-European commercial bank Unicredit.
Additionally, it secured two ancillary working capital facilities of €150 million (~$159.6 million) from ING, enabling Enpal’s stable fund utilization.
With the latest fundraise, the total refinancing commitments of Enpal amount to around €1.4 billion (~$1.49 billion).
Enpal’s Founder and CEO Mario Kohle said, “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.”
The company owns an installation facility with more than 1,000 permanent installers and electricians. The average delivery time Enpal takes for a solar installation is around six weeks after a particular customer has signed a deal.
“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,” said Enpal’s co-founder and chief investment officer Viktor Wingert.
Last year, Enpal <a href="https://mercomindia.com/funding-and-ma-roundup-enpal-raises-322-million/" target="_blank" rel="noopener">raised</a> €275 million (~$292.28 million) from BlackRock, Pricoa Private Capital, and UniCredit. In addition, institutional commitments of €70 million (~$74.41 million) were signed in the form of a subordinated mezzanine loan.
It also <a href="https://mercomindia.com/solar-leasing-firm-enpal-raises/" target="_blank" rel="noopener">raised</a> €150 million (~$159.42 million) from SoftBank Vision Fund 2 in a Series C funding round.

PV Leasing Firm Enpal Raises $908 Million Debt Funding

<a href="https://www.enpal.de/" target="_blank" rel="noopener">Enpal</a>, a Germany-based solar photovoltaic and battery leasing solutions provider, said it has raised €150 million (~$174.9 million) from <a href="https://visionfund.com/" target="_blank" rel="noopener">SoftBank Vision Fund 2</a> in Series C funding round.
The company recently secured €100 million (~$116.56 million) from prominent investors, including HV Capital and SolarCity co-founder Peter Rive.
According to Enpal, it has over 10,000 consumers for residential rooftop solar in Germany. The company provides solar systems on a subscription basis that eliminates high investment costs for homeowners. Homeowners can also purchase solar systems for only €1 (~$1.17) after 20 years of operation.
Enpal aims to supply one million households with their solar systems by the end of the decade.
In September 2021, Enpal <a href="https://mercomindia.com/funding-and-ma-roundup-enpal-raises-322-million/">secured</a> €275 million ($322 million) in senior debt facility and €70 million ($82 million) in the form of a subordinated mezzanine loan from BlackRock, Pricoa Private Capital, and UniCredit.
Mario Kohle, Founder of Enpal, said, “The fight against climate change is one of the biggest challenges of humankind, and truly our moonshot mission. Our dream is to bring a solar system on every roof, battery storage into every home, an electric car in front of every door, and connect people from all walks of life to a sustainable community. We are excited and humbled to have SoftBank Vision Fund 2 on board and supporting our mission to make clean energy easy, affordable, and accessible for everyone.”
Commenting on the investment, Yanni Pipilis, Managing Partner for SoftBank Investment Advisers, said, “Rising electricity prices and increasing demand mean renewable energy adoption is rapidly becoming mainstream. We believe Enpal offers customers an all-in-one solar solution, lowering the barriers to entry for consumers. It is great to be working with Mario and the Enpal team to make more households energy independent.”
According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 Solar Funding and M&amp;A Report</a>, in 9M 2021, the solar sector brought in $2.2 billion in VC funding in 39 deals, 466% higher compared to $394 million in 29 deals in 9M 2020.
SoftBank has earlier <a href="https://mercomindia.com/energy-vault-raises-softbank-gravity-storage/" target="_blank" rel="noopener">invested</a> $110 million in Series B funding in Energy Vault, an Idea lab company that has developed a transformative technology to store energy.

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