• Asset-backed-securities (ABS) transaction backed by a blended portfolio of c. 9,500 solar and heat pump loans to German homeowners

• c. 25% of the portfolio consists of residential heat pump loans and 2.5% of channel partner assets

• ‘Golden Ray 2’ follows as second issuance only one year after Enpal’s pioneering residential solar securitisation ‘Golden Ray 1’

• The new transaction further expands Enpal’s public market funding platform and accelerates the rollout of Enpal’s embedded financing solution

• Funds advised by M&G*, Enpal’s long term securitisation funding partner, will retain the most junior Class F and R notes in the securitisation

• Bank of America Securities and Barclays as co-arrangers. They also acted as joint lead managers alongside Citi and Crédit Agricole.

Berlin, 12/12/2025 – Enpal, pioneer of Germany’s energy transition and market leader in residential rooftop solar and heat pumps, and M&G¹ today announces the successful closing of ‘Golden Ray 2’, the second issuance under Enpal’s landmark public securitisation program. With this transaction, Enpal and M&G* deliver a global first: the world’s first public heat pump ABS, with approximately 25% of the underlying portfolio composed of residential heat pump loans and 2.5% of channel partner assets. The transaction totals €302.9 million, further underscoring Enpal’s leading role in energy financing.

Enpal and M&G have securitised a blended portfolio of approximately 9,500 loans, including residential solar systems and heat pumps. ‘Golden Ray 2’ is rated by Moody’s and Scope and – like ‘Golden Ray 1’ – is issued as a Green Bond.

Tranching and pricing details are as follows:

“For the first time ever, heat pump loans have been included in a public securitisation. With Golden Ray 2, we demonstrate to the global energy finance market that residential energy solutions can be transformed into a highly attractive and investable asset class. Investor demand exceeded our expectations, with certain tranches oversubscribed by up to 5.5 times,” says Gregor Burkart, Senior Vice President at Enpal’s Refinancing Division.

“Golden Ray 2 is a landmark for sustainable finance in Europe. As one of the largest ABS and fixed income investors across the continent, M&G is committed to supporting innovation that accelerates the energy transition. By bringing heat pump loans into public securitisation for the first time, we’re not only backing Enpal’s pioneering approach, but also helping to establish residential solar and heat pump financing as a mainstream, investable asset class. This transaction demonstrates the power of partnership and the growing appetite among institutional investors for scalable, green infrastructure solutions. We’re proud to deepen our relationship with Enpal and play a role in delivering positive change for households across Germany and further afield.” says Paul Fenlon, Portfolio Manager at M&G.

With Golden Ray 2, Enpal and M&G are anchoring residential solar and heat pumps as investable green infrastructure within public capital markets. By integrating heat pump loans into its program, Enpal and M&G expand the scope of the Golden Ray platform and showcases a scalable blueprint for future securitisations in the industry. For Enpal and M&G, the program diversifies funding sources, broadens access to institutional investors and accelerates the rollout of fully integrated household energy systems. This complements Enpal‘s asset-light, hyper capital-efficient refinancing engine which now operates across private and public markets.

The transaction was led and structured by Bank of America Securities and Barclays as co-arrangers. They also acted as joint lead managers alongside Citi and Crédit Agricole. The Golden Ray program adheres to the ICMA Green Bond Principles. The transaction is SVI-certified as simple, transparent and standardised (STS). The notes will be publicly traded and cleared on the Luxembourg Stock Exchange.  

About Enpal 

Enpal provides an integrated solution for decentralized energy—combining solar panels, battery storage, EV chargers, smart meters, and heat pumps. At the core is Enpal.One+, the AI-powered energy trading platform that connects tens of thousands of batteries into a virtual power plant and trades our customers’ electricity on the energy market to maximize client savings. Founded in Berlin in 2017, Enpal has grown to become Europe’s leading installer of residential solar systems, Germany’s largest independent metering point operator for Smart Meters, and the market leader in residential heat pumps. Today, over 100,000 households rely on more than 300,000 decentralized energy systems provided by Enpal. Enpal is backed by some of the world’s leading impact and technology investors, including TPG Rise Climate, The Westly Group, Activate Capital, SoftBank Vision Fund II, Princeville Climate Technologies, HV Capital, and Picus Capital. 

About M&G Investments

M&G Investments is part of M&G plc, a savings and investment business which was formed in 2017 through the merger of Prudential plc’s UK and Europe savings and insurance operation and M&G, its wholly owned international investment manager. M&G plc listed as an independent company on the London Stock Exchange in October 2019 and has £365 billion of assets under management (as at 30 September 2025). M&G plc has customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.  For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate.   

M&G recognises the importance of responsible investing and is a signatory to the United Nations Principles for Responsible Investment (UNPRI). M&G plc has committed to achieve net zero carbon emissions on its total book of assets under management and administration by 2050 and committed to reduce operational carbon emissions as a corporate entity to net zero by 2030. For more information, please visit: https://global.mandg.com/  

*M&GInvestment Management Limited

Media contact 

Lea Heck   

Media Relations Enpal   

presse@enpal.de   

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Rebecca Talbot

M&G Media Relations

Tel: 07827 820428

Rebecca.talbot@mandg.com

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