On 2 Jan 2024

Delighted to announce that our client Equitix has completed the acquisition of a portfolio of energy systems from Enpal. The EUR 1.6bn portfolio contains connected solar photovoltaic panels, energy storage systems and electric vehicle charging points in 60,000 households across Germany with a projected combined generation capacity of 550 MWp. The energy systems are predominantly offered to households under long-term rental or financing agreements. The investment is the first of its kind at this scale in European home decarbonisation.

Equitix is carrying out this acquisition in partnership with Keppel Infrastructure Trust (KIT) and will together hold a 90% stake in the acquired business.

Enpal, the Greentech unicorn in Germany founded in 2017, offers an integrated total solution for renewable energy, pioneering the energy transition. The company holds a leading market position for residential solar systems in Germany, selling several thousand new energy systems every month.

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, they bring deep investment and operating expertise across sectors to create value for their investors.

Commenting on this transaction, Achal Bhuwania, Chief Investment Officer of Equitix said “Equitix is 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.”

Marc Philipp Becker, Managing Partner of CASE Corporate Finance comments “It was a pleasure to support Equitix on this complex carve-out transaction, which marks the adoption of a financing model previously tested solely in the USA within this sector and signifies the inception of a new renewable energy asset class in Europe.”

CASE Corporate Finance together with ABN AMRO acted as the exclusive financial adviser to Equitix.


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