Germany's Enpal pulls in EUR 215m in fresh funds to boost growth

German solar energy company Enpal GmbH on Tuesday announced that it has secured EUR 215 million (USD 230.8m) in growth capital as part of a Series D financing round led by a climate investing vehicle of US private equity firm TPG.

The fresh funds will be used to expand Enpal’s portfolio with new products, enter new markets and further develop the company’s smart energy platform in response to the growing customer demand, a press release said.

Apart from TPG Rise Climate, the fund-raiser attracted two other new backers -- Westly Group and Activate Capital. Various existing investors also participated, including HV Capital (with support from the European Investment Bank), SoftBank Vision Fund II Capital and Princeville Climate Technology.

Established in 2017, Enpal provides solar solutions to homeowners in a leasing model. It has so far served 30,000 customers in Germany and currently installs over 2,000 additional solar energy systems per month.

The Series D round comes shortly after the company in December raised EUR 855 million in fresh financing commitments. About six months earlier, it secured EUR 70 million in another campaign.

Launched in early 2021, TPG Rise Climate is the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise. The fund, which currently has USD 7.7 billion in assets under management, in mid-2022 led a USD-750-million financing round of clean energy firm Intersect Power LLC.

(EUR 1 = USD 1.073)

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