Solar company Enpal more than doubles revenue in 2023

German solar energy company Enpal GmbH saw its revenue soar to about EUR 900 million (USD 984.7m) in 2023 driven by a record increase in solar deployment, particularly on rooftops, across the country.

The company, which provides solar solutions to homeowners in a leasing model, more than doubled its topline from EUR 415 million in 2022 thanks only to organic growth.

The sharp increase in Enpal's revenue comes against the backdrop of record new installations of rooftop solar systems in Germany. According to estimates by industry association BSW, a total of about 7 GW of new solar capacity was installed on roofs across Germany in 2023, up by 135% year-on-year.

At the same time, Enpal continues to be sustainably profitable, it said in a LinkedIn post on Monday without disclosing specific details about its earnings.

Established in 2017, the Berlin-based company attracted 30,000 new customers for solar facilities in 2023, while installing a record number of 20,000 smart metres, it said.

Furthermore, Enpal has successfully entered the heating market with over 1,000 newly installed heat pumps.

In December 2023, the firm said it is selling a majority stake in its solar portfolio to infrastructure investors Equitix and Keppel Infrastructure Trust, securing over EUR 160 million from the deal to expand its business.

(EUR 1 = USD 1.094)

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