German renewables firm Enviria secures $200 mln Blackrock capital commitment

Reuters2024-02-29

BERLIN, Feb 29 (Reuters) - German commercial and industrial solar startup Enviria on Thursday said it had secured a capital commitment of over $200 million from the world's biggest asset manager, BlackRock , as the company seeks to expand its projects in Germany.

Founded in 2017, the Frankfurt-based firm offers photovoltaic systems for companies interested in switching to solar power, including financing, planning, installation, storage and operation solutions.

With companies comprising around 70% of Germany's national electricity usage, and only 10% of firms equipped with solar systems on their roofs, Enviria is betting on several hundred gigawatts of untapped renewable energy capacity.

Solar companies have been benefiting from booming demand for solar power systems in Europe's biggest economy, with consumers seeking alternative electricity sources to expensive fossil fuels following the drop of Russian energy supplies to Germany.

Enviria said it had some 2,000 projects in the pipeline, totalling more than 2.3 GW, with a plan to realize 1.7 GW by 2029.

(Reporting by Riham Alkousaa Editing by Miranda Murray)

((Riham.Alkousaa@thomsonreuters.com;))

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