German solar installer Enpal has raised €345 million (US$405 million) in debt financing to fund the deployment of more than 15,000 household solar PV systems.
Announced today (21 September), the raise sees investors such as BlackRock, Pricoa Private Capital and UniCredit participate. It marks the Berlin-headquartered company’s “largest debt fundraising to date”.
The above “senior” investors contributed €275 million (US$323 million), while other smaller institutional investors committed €70 million in the form of a subordinated mezzanine loan.
The money will be used to fund upwards of 15,000 new solar assets and energy storage systems. The company has already installed more than 10,000 projects across Germany, it said.
“[The funding] enables us to further pursue our vision of providing green and affordable energy to private households and to fuel our growth,” said Gregor Burkart, head of project finance at Enpal.
The latest funding brings Enpal’s total financing history to €500 million.
ING Bank and IDCM acted as financial advisors to Enpal, while Greenberg Traurig provided legal advice.