Enpal secures € 1.1 billion in refinancing commitments for German residential solar and heat pump securitizations

  • Enpal raises € 1.1 billion in debt commitments from Barclays Europe, Bank of America, Credit Agricole CIB, and CPP Investments
  • Facilities will provide more than 35,000 German residential customers with an integrated financing solution
  • The transactions increase Enpal’s total structured refinancing commitments to more than € 3.6 billion

Berlin, March 20, 2024Enpal, Germany’s  leading system integrator in the field of renewable energies and “greentech unicorn,” has partnered with Barclays Europe, Bank of America and Credit Agricole CIB, three leading global investment banks, as well as the Canadian pension investment manager Canada Pension Plan Investment Board (CPP Investments), to accelerate the rollout of its integrated financing product for residential solar and heat pump customers.

Enpal has secured total 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. These off-balance sheet facilities will provide more than 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, all of which are connected, managed, and optimized on Enpal’s proprietary energy management platform.  

"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,” says Viktor Wingert, Chief Investment Officer and Co-founder of Enpal. “These commitments from global financial institutions enable us to maximize the flexibility and convenience of our energy management platform and ensure that our customers benefit from our integrated financing solution at optimal terms”, added Bela Schramm, Director Securitization at Enpal.

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 further roll out its product portfolio and assist in the introduction of the residential solar asset-backed market in Europe.”

“We are excited to support Enpal on its 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 the establishment of this new asset class in Europe,” says Manuel Weller, Head of EU Structured Finance at Bank of America.

Laurent Haik, Co-Head of European Auto & Operating Assets Securitization at Credit Agricole CIB, added: “We have been very impressed by Enpal’s growth trajectory and ability to originate residential customers at a significant scale. As part of Credit Agricole CIB’s long-standing involvement in the distributed generation space we are looking forward to a long-term and fruitful collaboration within the promising and fast-evolving arena of green securitization.”  

Derek Jackson, Managing Director, Head of European Credit at CPP Investments, says: “The contribution of mezzanine funding to Enpal’s securitization warehouses is a strong addition to CPP Investments’ portfolio. We believe Enpal’s integrated financing solution represents a unique and differentiated product offering that will benefit residential solar customers across Germany for decades to come.”

Enpal’s last sizeable debt fundraise of more than € 400 million from DWS, Phoenix Group, ING Germany and Black Rock took place in June 2023. The company’s total structured refinancing commitments currently amount to more than € 3.6 billion.

About Enpal  

Enpal is Germany’s greentech unicorn and a pioneer in the residential energy transition, offering a comprehensive, integrated renewable energy solution to German homeowners. Profitable since 2022, the company holds a leading position in the German residential solar market, selling several thousand new energy systems every month. Enpal’s product offering consists of a solar system, energy storage system, EV-charging station, heat pump and the Enpal energy management platform, an intelligent combination of hardware and software designed to optimize system performance and long-term customer savings. Founded in 2017, Enpal has digitized and revolutionized the purchase of green energy for a fossil-free home with its rental model and flexible, no-down-payment purchase option. Our climate-friendly renewable energy community currently comprises more than 60,000 Enpal-equipped households. Enpal’s investors include some of the world’s largest impact and technology investors, such as TPG Rise Climate, Softbank Vision Fund II, Princeville Climate Technologies, HV Capital, Activate Capital and The Westly Group.

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