- EQUITIX AND KEPPEL INFRASTRUCTURE TRUST ACQUIRE MAJORITY STAKE IN ONE OF ENPAL’S ENERGY SYSTEMS PORTFOLIOS
- THE TRANSACTION WILL UNLOCK UP TO ADDITIONAL EUR 160 MILLION IN CAPITAL FOR ENPAL
- ENPAL WILL USE THE ADDITIONAL FINANCIAL FLEXIBILITY TO CONTINUE EXPANDING ITS MARKET LEADERSHIP IN RESIDENTIAL RENEWABLE ENERGY SYSTEMS
Berlin, December 21, 2023 – Enpal, Germany’s leading renewable energy solutions provider, has entered into an agreement with global infrastructure investors Equitix and Keppel Infrastructure Trust (KIT) to acquire a majority stake in one of Enpal’s energy systems portfolios. This is the first significant transaction in this asset class in Europe.
„Capital markets will play an important role in the fight against the climate crisis. We are therefore delighted that Equitix and Keppel, two globally established infrastructure investors, are supporting our mission to build the largest renewable community in Europe,“ says Mario Kohle, founder and CEO of Enpal. „We have set the right course early on to become the number one in renewable energy and continue to grow profitably.“
Enpal will receive a total of over EUR 160 million in additional capital in several closings. Operational responsibility for the customer portfolio will remain with Enpal. This transaction consolidates Enpal’s excellent position in the fast-growing renewable energy market in Europe. Enpal will use the additional financial capacity to expand its market leadership in renewable energy systems and to help its customers maximize savings through its energy management platform.
„The investment by Equitix and Keppel is a strong signal for capital markets,“ says Viktor Wingert, co-founder and Chief Investment Officer of Enpal. „Decentral renewable energy asset classes are finally emerging in Europe. We are delighted to be pioneering this with Enpal and look forward to partnering with Equitix and KIT.“
Enpal’s portfolio already includes over 60,000 renewable energy solutions across Germany with a combined generation capacity of around 550 MWp. The PV solutions also include more than 50,000 battery storage systems and more than 25,000 charging stations for electric vehicles. Since 2023, heat pumps have also been installed in the homes of Enpal customers, enabling the energy company to provide holistic, fully integrated and connected energy solutions for homeowners. The solutions are either provided or sold as part of long-term rental or financing agreements for households and represent highly predictable cash flows for long-term investors. Enpal also provides its customers with digital energy management, monitoring and services as part of service contracts and its all-round carefree promise. The company recently announced that it will have installed more than 20,000 smart meter gateways in customer households by the end of 2023, which will make a significant contribution to the necessary digitalization of energy systems.
Achal Bhuwania, CIO of Equitix: “We’re pleased to be partnering with Enpal and Keppel Infrastructure Trust in this major home decarbonisation platform in Germany with a portfolio of more than 60,000 installations. Enpal’s innovative technology and business model offers greener and more affordable power for households, while also supporting our ambitions for a Net Zero future.”
Mr Kevin Neo, CEO of KIFM, said, “We are very excited to participate in the growing liberalisation of solar energy, and to expand our presence in Germany’s burgeoning renewable energy sector propelled by the country’s ambition to achieve carbon neutrality by 2045. Our investment in Enpal’s substantial home solar portfolio marks KIT’s first acquisition in the solar energy sector and will expand our exposure to renewables beyond onshore and offshore wind.
Connected by an intelligent renewable network that supports a highly efficient energy delivery model, Enpal’s solar portfolio will provide strong and stable earnings visibility to bolster KIT’s distributions to unitholders, as we grow KIT’s investments in renewables to 25% of AUM by 2030.”
About Enpal
Enpal, the greentech unicorn in Germany, offers an integrated total solution for renewable energy, pioneering the energy transition. Profitable since 2022, the company holds a leading market position for residential solar systems in Germany, selling several thousand new energy systems every month. The solar system is part of the integrated energy ecosystem consisting of an energy storage system, charging station, heat pump and the Enpal energy manager, which is an intelligent combination of hardware and software. Founded in 2017, Enpal is digitizing and revolutionizing the purchase of green energy for a fossil-free home with its rental model and flexible, no-down-payment purchase option. More than 60,000 Enpal-equipped households already make up our climate-friendly renewable energy community. Enpal’s investors include some of the world’s largest impact and technology investors such as TPG Rise Climate, Softbank Vision Fund II, Princeville Climate Technologies, HV Capital, Activate Capital and The Westly Group.
About Equitix
Equitix is a leading international investor, developer and fund manager in infrastructure. Established in 2007, with over 360 assets under management valued at >$11.7bn, we bring deep investment and operating expertise across sectors to create value for our investors.
We work in tandem with Equitix Management Services to ensure all assets under our control are efficiently and actively managed.
The EMS teams are located strategically and provide a 360° service of quality assurance, compliance, relationship management and communication with our partners, clients and collaborators. This service ensures our commitment to long-term operational success.
Equitix employs over 200 people of 20 different nationalities based in 10 countries.
About Keppel Infrastructure Trust
Keppel Infrastructure Trust (KIT) is a diversified business trust listed on the Singapore Exchange with approximately $7.3 billion in assets under management for FY 2022. Its goal is to deliver sustainable and growing returns to Unitholders, through a combination of recurring distributions and capital growth.
KIT’s portfolio of strategic infrastructure businesses and assets provide essential products and services to a wide array of customers including government agencies, multinational corporations, commercial and industrial enterprises as well as retail consumers.
The Trustee-Manager for KIT is Keppel Infrastructure Fund Management Pte. Ltd. KIT is sponsored by Keppel, a global asset manager and operator with strong expertise in sustainability related solutions spanning the areas of infrastructure, real estate and connectivity.
Source: enpal.de