German green energy scaleup Enpal has raised €110 million in fresh equity funding, marking its first equity round since 2023. The round was led by U.S. private equity firm TPG. Which has backed the company before, and included participation from other existing investors.
Enpal, best known for offering solar panels, has expanded its product suite in 2024 to include energy storage batteries, heat pumps, and smart meters. Positioning itself as a full-stack provider of home energy solutions. A company spokesperson said the equity raise was prompted by investors wanting to increase their stake. Rather than a shift in financing strategy.
Until now, Enpal had focused on securing large-scale debt facilities to support its customer financing model. In 2023, the company locked in a €1.1 billion debt facility from major banks including Barclays Europe, Bank of America, and Crédit Agricole CIB. Which helped fund solar installations for households.
This new equity investment will fuel Enpal’s geographic expansion and the launch of its upcoming energy trading platform. Allowing users to sell surplus energy back to the grid or within local networks. However, the company declined to disclose the valuation tied to this round.
Despite a slight dip in reported revenue, from €905 million in 2023 to €860 million in 2024 (as first reported by Handelsblatt). Enpal told Sifted it has experienced strong revenue growth over the past two months, though it declined to provide specific figures.
The solar energy market has faced headwinds over the last year, including declining customer demand, higher interest rates, and a drop in fossil fuel prices. Factors that have dampened momentum for residential solar installations across Europe. Still, Enpal remains among the top players in Germany’s competitive clean tech sector. Alongside fellow startups like 1Komma5 and Sweden’s Aira. Which are also targeting markets in Germany, Italy, and the UK.
Founded in 2017, Enpal has built a recurring revenue model by offering solar systems. And energy solutions through long-term leasing agreements. Eliminating high upfront costs for consumers. The company is now doubling down on its mission to create a fully integrated home energy ecosystem. Underpinned by real-time data and local energy trading capabilities.
With this new funding round, Enpal is positioning itself to not only expand its footprint across Europe but to shape how homeowners generate, store. And share renewable energy in the future.
