Berlin’s solar startup Enpal bags €215M to combat climate change through green energy

Berlin-based Enpal, a photovoltaics leasing firm, announced on Tuesday that it has secured €215M in a Series D round of funding led by TPG Rise Climate.

Westly Group, Activate Capital, HV Capital, SoftBank Vision Fund II Capital, and Princeville Climate Tech, also participated in the funding round.

The announcement comes a few weeks after raising €855M in new debt funding in December 2022.

The company says the funds will enable it to develop new products, expand into new markets, and develop its intelligent energy platform.

“Fighting climate change is the greatest challenge of the 21st century,” says Enpal founder and CEO Mario Kohle. “We want to help tackle this global problem by putting solar panels on every roof, a battery in every home, and a wall box electric vehicle in front of every door. We’re thrilled to have on board the world’s leading cleantech investors who Support our mission to make green energy easy, affordable, and accessible to every household. By joining forces, we can multiply our efforts to reduce carbon emissions, thereby paving the way towards a more sustainable society.”

Enpal: What you need to know

Founded in 2017 by Mario Kohle, Jochen Ziervoge, and Viktor Wingert, Enpal wants to make green energy accessible by offering photovoltaic systems, home storage, and charging solutions through a rental programme.

The Berlin company offers an integrated package for a climate-neutral home, including PV systems, energy storages, EV chargers, green electricity tariffs, and smart energy managers. 

Enpal has 30,000 customers and currently installs over 2,000 solar energy systems per month. The company claims that it has exceeded the €400M sales mark and was able to close the year with a profit. 

Viktor Wingert, co-founder and Chief Investment Officer of Enpal, says, “We have made it our life’s work to build the largest renewable community. To further our mission, we need strong investors and funding partners. With the recent funding round, in addition to recently securing €855M in refinancing capital from Blackrock Alternatives, ING, Pricoa Private Capital, Unicredit, and Infranity, we are well-positioned to grow faster and stronger in 2023 and beyond. To earn the trust of such high caliber partners in such a challenging macroeconomic environment as the current one fills us with pride and power more determined than ever to make our vision a reality.”

Investor

TPG Rise Climate is a dedicated climate investing strategy of TPG’s global impact investing platform, TPG Rise. 

TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals, the strategic relationships developed across TPG’s existing portfolio of climate-focused companies, and a global network of executives and advisors. 

Edward Beckley, Partner at TPG and a senior member of the investment team at TPG Rise Climate, says, “Enpal’s success and rapid growth in Germany put 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 homes across Europe. We are excited to partner with Enpal to bring an end-to-end, user-friendly solution to more homes in Germany and across Europe.”