Germany’s Enpal secures €700M ABS facility with M&G for residential solar and heating loans

Berlin-based Enpal partners with M&G in a €700M deal to make solar panels and heat pumps more affordable for European homes.

Berlin-based Enpal, a provider of residential solar energy in Europe and the biggest heat pump provider in Germany, has created a €700M asset-backed securities (ABS) warehouse in partnership with UK investment manager M&G.

“Our partnership with M&G, established in 2022, has become a cornerstone of our refinancing engine,” adds Gregor Burkart, Senior Vice President Asset Financing at Enpal. “Together, we will continue transitioning thousands of households each month to renewable energy solutions while strengthening Europe’s energy independence.”

This move aims to speed up the rollout of their financing solution for residential solar and heating.

The facility is supported by €600M in senior loans from major banks like Citi, Barclays, Bank of America, and Crédit Agricole CIB.

The announcement comes over two years after securing €215M in a Series D round of funding led by TPG Rise Climate.

“Securing additional funding from leading international banks highlights the appeal of our embedded financing model,” says Viktor Wingert, CFO and Co-founder of Enpal. “This new structure enables us to scale even more capital efficiently, bringing modern energy solutions to thousands of households without high upfront costs.”

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 storage, EV chargers, green electricity tariffs, and smart energy managers. 

At the core is Enpal.One+, the AI-powered energy trading platform that connects tens of thousands of batteries into a virtual power plant and trades our customers’ electricity on the energy market.

The company has grown to become Europe’s leading installer of residential solar systems, Germany’s largest independent metering point operator, and the market leader in installed heat pumps.

Today, over 100,000 customers rely on more than 300,000 decentralised energy systems from Enpal.

The German company is backed by some of the world’s leading impact and technology investors, including TPG Rise Climate, The Westly Group, Activate Capital, SoftBank Vision Fund II, Princeville Climate Technologies, HV Capital, and Picus Capital.