Solar expansion in Germany slows down to 790 MW in August
Sep 18, 2024 14:19 CESTGerman solar solutions installer Enpal today said it has secured EUR 1.1 billion (USD 1.2bn) to speed up the rollout of its integrated financing offering aimed at residential solar and heat pump customers.
The company has obtained EUR 1 billion of total senior refinancing commitments from three banks, namely Barclays Europe, Bank of America and Credit Agricole, in two separate asset-backed security (ABS) warehousing facilities, along with EUR 118 million of mezzanine debt commitments from Canadian pension investment manager Canada Pension Plan Investment Board (CPP Investments).
Enpal said the new facilities will allow it to provide more than 35,000 German residential customers with a financing solution for new photovoltaic (PV) systems and other clean energy products such as energy storage, electric vehicle charging systems and heat pumps.
“As part of our commitment to facilitating USD 1 trillion of sustainable and transition finance by 2030, we are thrilled to provide Enpal the opportunity to further roll out its product portfolio and assist in the introduction of the residential solar asset-backed market in Europe,” said Gordon Beck of Barclays.
“We are excited to support Enpal on its mission to become Europe’s one-stop shop for integrated green energy solutions with a powerful financing offering,” added Manuel Weller of Bank of America.
Enpal has so far secured structured refinancing commitments of over EUR 3.6 billion. The company recently said it is gearing up to launch its own solar production at home.
(EUR 1 = USD 1.085)
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