The solar power industry is booming, this year. We have already seen companies in this industry such as Enpal, Metris Energy, and Soly raise investments. Now, zolar, a digital platform for residential solar from Germany, has secured €100 million in funding.
To date, the company has raised nearly €300 million in funding. The investment came from BNP Paribas, a global financial institution that invested in BlaBlaCar and Fnality.
New financing solution
As a result of this funding, the company will launch its new financing solution for residential solar consumers – zolar Easypay. With the zolar Easypay, users can secure their solar systems with a €0 deposit. One can easily and easily determine the installment plan in the zolar online configurator. They will receive an overview of the expected monthly payment amount. It will provide a convenient and quick application process.
Affordable solar energy
zolar was founded in 2016 by Alex Melzer and Gregor Loukidis in Berlin. It is driving the green energy revolution by democratising access to solar energy and reducing the complexity for consumers.
The company provides homeowners and regional tradespeople with access to individual solar solutions via a simple online platform. zolar’s mission is to enable people to benefit from affordable, self-generated green energy while making an important contribution to climate protection.
Enquiries to zolar are said to have quadrupled this year following rising energy prices. To meet consumers’ unprecedented demand for solar energy, the company will substantially expand its network to 3,000 by 2025 to increase installation capacity for solar energy. It aims to supply more than ten million households in Europe with renewable energy by 2030.
Jamie Heywood, CEO at zolar, said: “This new offering represents a pivotal milestone for zolar and the consumers we serve. As the residential solar market matures, the demand for innovative financing solutions has never been more apparent. We are excited to lead this transformation with zolar Easypay, offering unparalleled value to our customers.”
Manish Chandra, Head of ABS Markets and Financing at BNP Paribas, commented: “We are proud to support zolar in their mission of making renewable energy easy and accessible for everyone. BNP Paribas is committed to financing the green transition and we are excited to contribute our expertise in developing this new asset class in Europe.”
“We are thrilled to have advised zolar and contributed our expertise in the field of sustainable securitisation to this transaction,” added Dietmar Helms, Partner at Hogan Lovells, the law firm with extensive credentials in green ABS transactions.
