Enpal Sells Majority Stake, Raises €65m for Growth

• Enpal sells majority stakes in 240 MW of rooftop solar assets, raising €65M for growth—while keeping 10% and operating 20,000+ leased residential PV systems for up to 20 years.

Enpal, the German residential solar installer, has sold a majority stake in subsidiaries that hold a 240-MW portfolio of rooftop photovoltaic assets. The company said it raised EUR 65 million (USD 75 million) to fund future expansion and will keep a 10% interest, continuing to operate more than 20,000 mostly residential PV plants under long-term leasing agreements with revenue secured for up to 20 years.

The investment consortium includes Singapore’s Keppel Infrastructure Trust, UK infrastructure manager Equitix Investment Management, MM Capital Partners 2 Co,and Mizuho Leasing Company. Keppel separately will invest EUR 34 million for a 45% effective stake via a special purpose vehicle it controls 50% of; MM Capital Partners and Mizuho Leasing hold 40%, and Equitix 10%.

Why did Enpal sell a majority stake in 240-MW PV subsidiaries and raise €65m?

• To unlock growth capital without fully selling the underlying customer base: bringing in new shareholders at the 240-MW subsidiary level provided fresh funding while Enpal retained a meaningful minority interest (10%) and continued long-term operations.
  
• To finance expansion while reducing balance-sheet pressure: raising €65m supported further development, procurement, installation capacity, and customer onboarding without relying solely on retained earnings or new debt—improving financial flexibility.
• To de-risk the build-and-hold model: by transferring a majority of ownership in PV asset subsidiaries to infrastructure investors, Enpal reduced concentration risk tied to owning and financing a large portfolio of rooftop systems.
  
• To align funding with a long-duration revenue profile: the assets generate contracted cash flows through long-term leasing agreements (with revenue visibility extending up to two decades), making them attractive to infrastructure-style investors looking for stable, cash-generating exposure.
  
• To bring in strategic infrastructure and leasing expertise: investors such as Keppel, Equitix, and Mizuho typically have experience in yield-oriented infrastructure holdings, which can help strengthen portfolio management, asset oversight, and capital structuring.
  
• To diversify investor base and improve exit optionality: bringing multiple institutional partners into the SPV structure spreads ownership risk and can create pathways for future capital recycling or stake refinancings as the portfolio grows.
  
• To support scaling of residential PV deployments: Enpal’s ability to keep operating tens of thousands of mostly residential installations depends on steady investment inflows; selling a majority stake provided targeted capital for the next wave of rooftop projects.
  
• To optimize capital structure through SPV partnering: the deal structure (with a controlled special purpose vehicle and defined percentage interests for each investor) enables Enpal to maintain operational control and continuity while matching ownership and financing to the asset platform’s risk-return profile.
• To enhance liquidity while preserving customer-facing operations: Enpal could convert part of the value of completed/operational rooftop assets into cash, while still managing and servicing existing leases—supporting continuity for customers and contractors.
• To demonstrate institutional confidence in contracted renewable cash flows: securing a €65m raise with major infrastructure players signals market validation that long-term residential solar leasing can attract large-scale, external investment capital.