To accelerate solar energy in Germany, Enpal was able to originate further capital for its refinancing engine in Europe’s largest residential solar financing to date: This recent debt fundraising secured Enpal senior debt commitments of €585 million from internationally leading investors BlackRock Alternatives, ING, Pricoa Private Capital (the private capital business of PGIM), and UniCredit. Two ancillary working capital facilities of €150 million provided by ING will enable Enpal to utilize the funds more efficiently. All senior lenders have already previously provided capital to Enpal and significantly increased their commitments as part of this transaction. In addition, further institutional commitments by Infranity, a Generali-affiliate of up to €120 million were signed in the form of a Holdco loan. The senior and holdco facilities will jointly be used to refinance more than 30,000 new solar systems, energy storage systems and EV chargers. This transaction increases Enpal’s overall refinancing commitments to around €1.4 billion.
"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," said Enpal founder and CEO Mario Kohle. "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."
ING acted as financial advisor on this transaction, legal advice to Enpal was provided by Greenberg Traurig. The lenders were advised by Simmons & Simmons (transaction documentation & legal due diligence), Everoze (technical due diligence) and Marsh (insurance due diligence). For both facilities, ING acts as Senior Agent, Account Bank and Security Agent, and UniCredit is engaged as KfW Agent.
Enpal wants to make green energy accessible for the mainstream and is spearheading a trend in Germany. "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," explained Enpal co-founder and Chief Investment Officer Viktor Wingert. With its own training center for solar installers, its own installation company with over 1,000 permanently employed installers and electricians, and with purchasing directly from the world's largest PV manufacturers, Enpal is overcoming the bottlenecks of the solar energy value chain. Enpal's average delivery time for a solar installation is about six weeks after the customer's signature.
Connecting humanity to become a renewable community - that's Enpal's vision. Founded in 2017, Enpal is the #1 fastest growing energy company in Europe (FT1000 Ranking 2022 by Financial Times & Statista). Enpal has 30,000 customers to date and currently installs over 2,000 solar energy systems per month. Enpal offers the first integrated package for a climate-neutral home including PV systems, energy storages, EV chargers, green electricity tariffs and smart energy managers. Key advantage for clients: Enpal rents out the systems and takes care of service and maintenance. Customers thus have no high upfront acquisition costs and benefit from the all-inclusive care-free package. All PV systems are also connected to form an intelligent renewable network.
About BlackRock Alternative Investors
BlackRock Alternative Investors serve investors seeking outperformance in infrastructure, private equity, private credit, real estate, hedge funds and alternative solutions. We strive to bring our investors the highest quality investments by drawing upon our global footprint, superior execution capabilities and position as a preferred partner. BlackRock manages $313 billion in alternative investments and commitments on behalf of clients worldwide as of September 30, 2022.
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 57,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING's ESG rating by MSCI was upgraded to 'AA' in December 2020. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell. In January 2021, ING received an ESG evaluation score of 83 ('strong') from S&P Global Ratings.
Established in 2011, ING Wholesale Banking Germany is the corporate clients business of ING-DiBa AG and is part of ING Group’s global wholesale banking network with offices in more than 35 countries. In addition to traditional banking products such as corporate lending and transaction services, ING is a leading global name in structured and project financing, combined with innovative capital market solutions and a focus on sustainability. We currently employ around 350 people who are located at our headquarters in Frankfurt am Main and our regional offices in Dusseldorf, Hamburg, Munich, and Stuttgart.
About Pricoa Private Capital
For nearly 100 years, Pricoa Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we are known for building enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of over $92.7 billion for our partners (as of September 30, 2022).
UniCredit is a pan-European Commercial Bank with a unique service offering in Italy, Germany, Central and Eastern Europe. Our purpose is to empower communities to progress, delivering the best-in-class for all stakeholders, unlocking the potential of our clients and our people across Europe. We serve over 15 million customers worldwide. They are at the heart of what we do in all our markets. UniCredit is organized in four core regions and two product factories, Corporate and Individual Solutions. This allows us to be close to our clients and use the scale of the entire Group for developing and offering the best products across all our markets. Digitalisation and our commitment to ESG principles are key enablers for our service. They help us deliver excellence to our stakeholders and create a sustainable future for our clients, our communities and our people.
Infranity is an asset management company specialized in sustainable infrastructure investments. The company was founded by three partners, Philippe Benaroya, Alban de La Selle and Gilles Lengaigne, as part of a strategic partnership with the Generali Group and manages €7.4 billion in investments from institutional investors (assets under management as of the end of November 2022). The investment solutions deployed by Infranity are based on the resilience of the asset class and its stable returns over the long term, as well as its ability to contribute to sustainable development. They seek to respond to the major challenges facing society, such as the energy transition, green mobility, the digital transition and the improvement of social infrastructure in the health and education sectors. This positioning, combined with a high degree of selectivity in the investment process, enables Infranity to generate sustainable value for its clients.
Infranity is part of the Generali Investments’ ecosystem of asset management firms, and a key component of Generali’s capabilities in real assets.
Dr. Wolfgang Gründinger