ING and IDCM advise solar company Enpal on largest financing round to date

Frankfurt am Main, 22 September 2021 – ING and IDCM have advised solar power systems provider Enpal on its largest financing round to date. Enpal is a fast-growing company and the first in Germany to provide comprehensive rooftop solar and energy storage solutions to individual homeowners, all via their fully digital platform.

ING and IDCM acted as joint financial advisors in Enpal’s most significant financing round to date, which has allowed the company to secure senior debt funding of EUR 275 million and mezzanine debt funding of EUR 70 million. "We are proud to have advised Enpal in successfully taking the next step in its stellar growth in a sector that is a key driver for combatting climate change," explains Michiel de Haan, Global Head of Energy at ING.

Founded in 2017, the company has already installed more than 10,000 solar PV systems. This new financing round will help Enpal significantly increase the number of customers and further expand its product offering. Enpal, ING and IDCM have collaborated successfully to achieve an innovative and highly tailored financing structure combining senior and subordinated debt from a diverse group of lenders. The senior debt in particular attracted appetite from both banks and institutional investors. "We are pleased that our close partnerships with ING and IDCM have been further strengthened through this advisory mandate. This cooperation will help us to install significantly more solar and energy storage systems even faster. In doing so, we will achieve our ambitious goal of installing one million solar systems by the end of the decade and thus become the largest green energy platform in Europe," emphasizes Mario Kohle, CEO and founder of Enpal.

“The commitment of an additional EUR 350 million enables us to pursue our vision of providing green, affordable energy to everyone and will accelerate our growth” highlights co-founder Viktor Wingert, and Gregor Burkart, head of refinancing at Enpal, adds: “We are humbled and very excited to partner with some of the most prominent names both within commercial banking as well as within the institutional investor space.”

This has been ING’s and IDCM’s second opportunity to support Enpal’s continued growth. Both have been involved since the early stages of the company’s development, with ING acting as sole lender in Enpal’s previous financing round and IDCM as advisor.

The advisory mandate was executed in close and successful collaboration between ING’s Renewables & Power team in Frankfurt and the Energy Project Advisory team in London. "This advisory mandate is another milestone in our strategy to support the energy transition by advising and supporting our clients in their journey towards greater sustainability," underlines Olaf Beyme, Head of Renewables & Power at ING Germany.

For IDCM, this mandate is another testament of its capabilities to advise its Clients throughout the various stages of their development via complex and tailored financing structures.  “We are delighted that Enpal has trusted IDCM with their funding requirements once again. IDCM remains committed to assisting its clients overcome the challenges presented by the energy & digital transition.” says Jean-Christophe Oberto, Managing Director of IDCM.

ING has already been actively promoting the sustainable, climate-friendly transformation of the economy for years, making the most impact through its lending to companies and consumers. The loan book currently comprises EUR 700 billion across many sectors, which ING has begun steering towards meeting the Paris Agreement’s two-degree goal. The way to reach this goal is known as the Terra approach.

With over 9.5 million customers, we are the third largest bank in Germany. Our core products are current accounts, mortgage loans, savings, consumer loans and securities. For lending to small and medium-sized companies, we cooperate with the online platform Lendico in the Business Banking segment. In Wholesale Banking, we offer banking services for large, international companies. With over 6,000 colleagues, we are represented in Frankfurt am Main (headquarters), Berlin, Hanover, Nuremberg and Vienna.

IDCM is a corporate finance specialist headquartered in London with extensive specialist expertise in real estate, renewable energy, core infrastructure and social infrastructure. With more than €5bn of funding arranged for their clients, IDCM has demonstrated the knowledge and agility to uncover financing opportunities others don’t see.