Solar Leasing Firm Enpal Raises $174.9 Million from SoftBank
The company aims to supply its solar systems to one million households by the end of 2030
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 secured €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 9M and Q3 Solar Funding and M&A Report, 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 invested $110 million in Series B funding in Energy Vault, an Idea lab company that has developed a transformative technology to store energy.
Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.