In a new round of financing, the company managed to raise €215 million

A spokesman for Berlin-based Enpal, which leases photovoltaic systems and provides technical support and maintenance, said the new funding round increases the company’s valuation to about €2.2 billion.

The Series D funding round was led by private equity fund TPG Rise Climate, the company said, adding that early investor Tesla Westly Group and U.S. venture capital firm Activate Capital also participated in the round.

In December, Enpal received €855 million in refinancing from Blackrock Alternatives, ING, Pricoa Private Capital, UniCredit and Infranity.

Enpal, which has 30,000 customers in Germany and installs 2,000 new solar systems a month, is not currently planning an IPO, a company spokesman told Reuters.

The company, founded in 2017, turned a profit for the first time last year with a turnover of more than €400 million.

It was boosted by growing demand for solar energy systems in Europe’s largest economy as consumers seek alternative sources of electricity to expensive fossil fuels following cuts in Germany’s energy supplies from Russia.

“As fossil fuel prices remain high and governments develop policies to accelerate the energy transition, we continue to believe in the importance of decarbonizing homes across Europe,” TPG partner Edward Beckley said in a statement.

A survey conducted by the German Solar Energy Association (BSW) in December found that three-quarters of homeowners in Germany are considering installing a rooftop solar system, and one in five plan to do so in the next 12 months.

According to BSW, the number of new photovoltaic installations in Germany increased by about 30 percent last year.

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