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Thursday, February 22, 2024

Simmons advises on €855m financing for unicorn Enpal

A cross-border Simmons & Simmons team has advised the creditors on the €855 million financing for Berlin-based unicorn Enpal group

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Founded in 2017, Enpal is the first green “unicorn” in Germany as well as the fastest growing energy company in Europe (FT1000 Ranking 2022 by Financial Times & Statista). Enpal offers the first integrated complete package for a climate-neutral home, including: PV system, storage, EV charger, green electricity tariff and smart energy manager.

This recent debt fundraising secured Enpal senior debt commitments of €585m from leading investors BlackRock, ING, Pricoa Private Capital (the private capital business of PGIM) and UniCredit. Two ancillary RCF & VAT facilities of further €150m provided by ING will enable Enpal to utilize the funds more efficiently. All senior lenders have already previously provided capital to Enpal and increase their commitments as part of this transaction. In addition, institutional debt of up to €120m has been provided by Infranity, a subsidiary of Generali, by way of a HoldCo-Loan.

The Simmons team advised on the entire lenders’ side, especially on the transaction documentation & legal due diligence.

Commenting on the transaction, Dr Jens Gölz who led the Simmons & Simmons team, said: “We are very pleased to have advised the creditors on the refinancing round for Enpal. Advising our clients in this specific matter displays our strengths in the field of renewable energy and the expertise of our ENRI team in Germany”.

The Simmons team was led by Frankfurt partner and head of ENRI Dr. Jens Gölz, working with finance and due diligence lawyers Isabel Ribeiro Mousinho, Peter Louzensky, Stella Madzharova, Anna Hiebel with further support from regulatory and real estate lawyer Steffen Kaiser. Tax advice for this transaction has been provided by tax partner Bernulph von Crailsheim and associate Paul Keßler with the assistance of a cross border tax team comprising Spanish partner Juan Sosa Pons-Sorolla, Italian partner Marco Palanca and French associate Ophelie Pregnon.

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