German renewables firm Enpal hits $2.4 bln valuation with new funding round – EQ Mag
The new round of financing from the company, which rents photovoltaic systems, including their technical support and maintenance services, brings the valuation of the Berlin-based company to about 2.2 billion euros ($2.35 billion), an Enpal spokesperson said.
The Series D funding round is being led by climate-focused private equity fund TPG Rise Climate, the company said, adding that early Tesla investor Westly Group and U.S. venture capital Activate Capital were also among the new investors.
In December, Enpal had obtained a refinancing of EUR 855 million from Blackrock Alternatives, ING, Pricoa Private Capital, UniCredit and Infranity.
Enpal, which has 30,000 customers in Germany with new 2,000 solar systems installed per month, is not currently planning an IPO, a company spokesperson told Reuters.
The company, founded in 2017, made a profit for the first time last year, with a turnover of more than 400 million euros.
It has benefited from a booming demand for solar energy systems in Europe’s largest economy, with consumers looking for alternative sources of electricity to expensive fossil fuels following the decline in Russian energy supplies to Germany.
A survey by the German Solar Energy Association (BSW) in December found that three quarters of homeowners in Germany would consider installing a solar system on their roof and one in five plan to do so in the next 12 months .
According to BSW, the number of new PV installations in Germany increased by about 30% last year.
($1 = 0.9358 euros)
Source: Reuters
