Germany’s Enpal closes its Hamburg sales office

Berlin-headquartered solar company Enpal is closing its sales office in Hamburg. A company spokesperson confirmed to pv magazine Germany that the company intends to “focus on its core sales locations in Munich, Essen, and Berlin” in the future and expects these locations to be strengthened as part of this decision. 

“We are doing everything we can to support our colleagues in Hamburg during this difficult time and to help with the transition,” the Enpal spokesperson continued. As a result of the closure, more than 80 employees were placed on immediate leave. Enpal employed only sales staff at its Hamburg site.

Shortly after news of the closure emerged, Philipp Schröder, founder of 1Komma5°, responded on LinkedIn. The company is headquartered in Hamburg and is one of Enpal’s main competitors for customers looking to install photovoltaic systems, battery storage, heat pumps, EV chargers, and intelligent energy management systems.

Schröder announced that he intended to make job offers to Enpal’s Hamburg employees in an effort to preserve as many positions as possible. “No matter how different our strategy, business model and culture may be, the goal is the same,” Schröder wrote on LinkedIn.

Third public securitization completed

On Wednesday, Enpal announced the successful completion of a third public securitisation of residential photovoltaic systems and heat pumps with M&G Investments. The issuance had a total volume of €367 million.

The asset-backed securities (ABS) transaction was based on a mixed portfolio of around 11,500 loans provided to German homeowners for photovoltaic systems and heat pumps. According to the company, 99% of the invested capital came from Europe, although Enpal also said it is seeing growing interest from US investors.