- Enpal GmbH neared raising new funds from PE firm TPG Inc TPG led group that valued the closely held German solar-panel company at $2.4 billion.
- TPG invested in Enpal through its inaugural Rise Climate fund, a global alternative asset manager overseeing $135 billion in assets, the Wall Street Journal reported.
- The potential deal would reflect how cuts to natural-gas supplies from Russia fueled the adoption of solar power and other clean-energy sources as alternatives to fossil fuels.
- Also Read: Rising Fuel Prices Are Good For Solar Stocks: SunPower's Q3 Performance Is Proof
- Enpal was founded in 2017 and rents out solar-power systems to homeowners. It offers rooftop solar panels, energy storage batteries, and electric-vehicle charges.
- The TPG-led group, including Westly Group and Activate Capital, invested €215 million (or $230 million) in the alternative- energy company for a total valuation of €2.4 billion.
- The investment marked over double the €950 million valuations Enpal achieved in October 2021, when it raised new equity from Softbank Group Corp SFTBF SFTBY.
- Enpal's stronger financial footing offered a fundraising advantage versus high-risk, money-losing startups in the present macroeconomic scenario.
- Enpal served 30,000 residential customers, and its revenue exceeded €400 million in 2022, WSJ reported.
- Price Action: TPG shares closed higher by 0.8% at $30.29 on Friday.
- Photo via chelsea Wvus via Unsplash
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