• Investor consortium acquires majority stake in several Enpal subsidiaries that hold a portfolio of residential energy systems 

• Second joint investment by Equitix, Keppel and MM Capital Partners demonstrate institutional confidence in residential solar assets as a matured infrastructure asset class 

• The transaction advances Enpal’s refinancing strategy, converting long-duration contracted cash flows into growth capital 

• Enpal retains a strategic stake, continues to operate the portfolio and remains the sole point of contact and operator for all customers

Berlin, 05 August 2026 – Enpal, Germany’s leading energy tech company, has secured a new investment from a group of major financial partners. The consortium, consisting of Equitix Investment Management Limited, Keppel Infrastructure Trust, MM Capital Partners 2 Co. and Mizuho Leasing Company, Limited is buying a majority stake in several Enpal subsidiaries that hold a portfolio of residential energy systems. For the investor consortium – except Mizuho Leasing – this is their second investment in Enpal's assets. The transaction unlocks up to EUR 65 million to fund the next phase of Enpal’s platform growth.   

The deal follows a standard established financing model for renewable energy: Enpal bundles long-term customer leasing agreements into several dedicated subsidiary companies. A majority stake in this subsidiary is then sold to infrastructure investors. Because homeowners pay fixed monthly rates for up to 20 years, the contracts generate steady and predictable income. This makes them an attractive, secure choice for institutional investors seeking stable returns.  

The transaction does not change anything for Enpal’s customers. Enpal retains a strategic stake of 10% in the subsidiary and continues to handle all daily operations. The company remains fully responsible for customer service, technical monitoring, and maintenance of all leased solar panels and battery storage units.  

The current portfolio includes more than 20,000 operational solar power systems, primarily installed across residential rooftops, with a projected generation capacity of 240 MW. Through this sale, Enpal receives approximately EUR 65 million in fresh capital over various closings. The company will use these funds to finance its next phase of growth and upgrade its platform.  

"The decision by Equitix, Keppel and MM Capital Partners to invest with us for a second time, and by Mizuho Leasing to make its first investment, is a powerful endorsement of our platform and the quality of our assets. Attracting repeat commitments from leading investors demonstrates that residential green energy has become a mature and highly attractive market for institutional capital. This new capital allows us to keep our business capital-efficient and asset-light, while accelerating our strategy and expanding our platform,” says Gregor Burkart, Senior Vice President of Asset Financing at Enpal.   

“This investment demonstrates the strength of our European mid-market strategy: backing essential infrastructure that provides resilient, long-term contracted cashflows while supporting the energy transition. Germany remains a highly attractive market for distributed renewable energy infrastructure, and this transaction further deepens our exposure in the DACH region,” says Achal Bhuwania, CIO of Equitix.  

About Enpal   

Enpal is Europe's leading energy technology company with the mission to make Europe energy independent. Serving more than 130,000 customers, Enpal provides an integrated energy solution combining solar panels, battery storage, EV chargers, smart meters, and heat pumps. At the core is Enpal.One+, the company's AI-powered energy platform, which connects tens of thousands of batteries to optimize electricity consumption and trading on wholesale energy markets. Founded in Berlin in 2017, Enpal has grown to become Europe's leading residential solar installer, Germany's market leader in residential heat pumps, and the country's largest independent smart metering operator. Enpal is backed by leading international technology and impact investors, including TPG Rise Climate, The Westly Group, Activate Capital, and SoftBank Vision Fund II. 

About Equitix  

Equitix is a specialist infrastructure investment manager focused on small to mid-market assets, managing approximately $20 billion on behalf of global institutional investors. Established in 2007, the firm targets European mid-market infrastructure, a structurally under-served segment characterised by strong deal flow and limited capital. Equitix invests across social infrastructure, transport, renewable power, environmental services, network utilities and digital infrastructure, supported by on-the-ground teams across Europe. Through bilateral origination, disciplined underwriting and active asset management, Equitix builds diversified portfolios of essential infrastructure assets with long-term, contracted and inflation-linked cashflows, aiming to deliver stable income and long-term value while advancing the energy transition, enhancing connectivity and supporting sustainable communities. 

About Keppel Infrastructure Trust  

Keppel Infrastructure Trust (KIT) is a diversified business trust listed on the Singapore Exchange (SGX-ST) with approximately S$9.0 billion in assets under management. Its goal is to deliver sustainable and growing returns to Unitholders, through a combination of recurring distributions and capital growth. KIT's portfolio of strategic infrastructure businesses and assets provide essential products and services to a wide array of customers including government agencies, multinational corporations, commercial and industrial enterprises as well as retail consumers. 
The Trustee-Manager for KIT is Keppel Infrastructure Fund Management Pte. Ltd. (KIFM). KIT is sponsored by Keppel, which invests in, owns and operates competitive energy and infrastructure solutions and services. 

About MM Capital Partners 2 Co., Ltd. (“MMCP”) 

MMCP manages and operates MM Capital Infrastructure Fund II, L.P. (“MMCIF 2”), an infrastructure fund focused on equity investments in assets located in OECD member countries. 

About Mizuho Leasing Company, Limited. (“MHLS”) 

MHLS is a leading Japanese financial services provider specializing in leasing and various financial solutions for industrial equipment, information technology and infrastructure. The company supports clients in Japan and overseas by offering innovative and flexible financing services. MHLS is further strengthening its investments in overseas infrastructure and renewable energy-related assets, contributing to sustainable growth and value creation for its customers and society.