On October 31, 2024, Enpal B.V. (‘Enpal’) , through its vehicle Golden Ray, successfully placed Europe’s first public residential solar ABS, marking a milestone in renewable energy financing. The inaugural deal, valued at EUR 240 million, is backed by approximately 8,500 loans provided to German residential homeowners for financing photovoltaic (PV) systems.
The issuance drew exceptional investor interest, with individual tranches oversubscribed by up to 9.5 times during the book-building process. This strong demand led to favourable funding terms for Enpal. Key investors included the European Investment Fund (EIF) and the European Investment Bank (EIB), each participating in the senior tranches with EUR 50 million. The EIF is providing a guarantee for the entire A1 tranche, while the EIB is acting as an anchor investor in the A2 tranche. This dual involvement underscores the strong alignment of the project with institutional investment priorities.
The transaction is compliant with ICMA Green Bond standards, verified through a Second Party Opinion (SPO) from ISS Corporate, and is also STS-compliant verified by STS Verification International (SVI).
Green Credentials of Golden Ray
The successful securitisation of Enpal schows a strong environmental impact and alignment with sustainability goals. The portfolio of about 8,500 PV systems financed by the securitisation generates approximately 95 GWh of green energy annually, resulting in an estimated CO2 avoidance of 65,000 tons per year. This directly contributes to the United Nations Sustainable Development Goals (SDGs) on Affordable and Clean Energy and Climate Action (SDGs 7 and 13).
Conclusion
Golden Ray sets a prime example of the integration public and private capital to create a new asset class in the financing of renewable energy for residential buildings. With the participation of anchor investments from the public sector and major European financial institutions, it demonstrates a scalable model for achieving significant environmental and financial impacts while addressing climate change through innovative financing solutions.
Further information and details on this milestone transaction can be found in the
Enpal case study