Greenberg Traurig advised green tech company Enpal on raising 345 million euros from internationally leading investors. According to the Berlin-based solar system installer and lessor, this marks Enpal's largest debt fundraising to date.
The financing consists of a senior financing of 275 million Euros granted by BlackRock, Pricoa Private Capital and Unicredit. In addition, a mezzanine financing of 70 million Euros is provided by another institutional investor. Enpal said it plans to use the additional funds for the installation and grid connection of a further 15,000 solar systems.
Greenberg Traurig comprehensively advised Enpal on all legal aspects of the structuring of project financing and the negotiations of the finance documents and note documentation. In addition, the team advised on necessary adjustments to project contracts, and on issues of energy regulation.
The Enpal Group offers homeowners individually tailored solar solutions for rent. Apart from the photovoltaic system, the rental fee also includes insurance, monitoring, maintenance and repairs, and therefore represents an attractive alternative to a system purchase. The sales process, planning, contract conclusion and organisation of the processes (including maintenance) are all completely digitalised. Enpal’s debt commitments are not used for the company's business operations, but rather flow into special purpose vehicles through which Enpal buys solar systems that are then rented to customers for a monthly fee.
Background: The Greenberg Traurig team has advised Enpal on several project financings as well as energy law and general contract law issues, including in connection with the expansion of Enpal´s business model (e.g. battery storage).
About Greenberg Traurig: Greenberg Traurig, LLP (GT), has approximately 2300 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 3.0 Certified. Web: www.gtlaw.com
The financing consists of a senior financing of 275 million Euros granted by BlackRock, Pricoa Private Capital and Unicredit. In addition, a mezzanine financing of 70 million Euros is provided by another institutional investor. Enpal said it plans to use the additional funds for the installation and grid connection of a further 15,000 solar systems.
Greenberg Traurig comprehensively advised Enpal on all legal aspects of the structuring of project financing and the negotiations of the finance documents and note documentation. In addition, the team advised on necessary adjustments to project contracts, and on issues of energy regulation.
The Enpal Group offers homeowners individually tailored solar solutions for rent. Apart from the photovoltaic system, the rental fee also includes insurance, monitoring, maintenance and repairs, and therefore represents an attractive alternative to a system purchase. The sales process, planning, contract conclusion and organisation of the processes (including maintenance) are all completely digitalised. Enpal’s debt commitments are not used for the company's business operations, but rather flow into special purpose vehicles through which Enpal buys solar systems that are then rented to customers for a monthly fee.
Background: The Greenberg Traurig team has advised Enpal on several project financings as well as energy law and general contract law issues, including in connection with the expansion of Enpal´s business model (e.g. battery storage).