Corporate Funding for Solar Sector Down 23% Year-over-Year with $22.3 Billion in 9M 2024 Reports Mercom Capital Group

Barchart · 10/17 14:23

Mercom Capital Group, a global clean energy communications and research firm, released its report on funding and merger and acquisition (M&A) activity for the solar sector in the third quarter (Q3) and first nine months (9M) of 2024.

Total corporate funding stood at $22.3 billion in 9 M 2024. The number of deals decreased 6% year-over-year (YoY), with 117 deals in 9M 2024 compared to 124 deals in 9M 2023.

"As we look at the financing activity in Q3 2024, it's clear that the solar sector is grappling with significant uncertainties. Regulatory concerns around antidumping and countervailing duties and tariffs, the U.S. Section 45X guidance, potential policy shifts due to election outcomes, unpredictable global trade policies, supply chain disruptions, higher costs, tight labor markets, and ongoing project delays have all dampened investor confidence and delayed key investment decisions. While the recent 50 basis points rate cut is hopeful, the market needs more clarity and direction on future rate cuts to spark a resurgence in investment momentum," said Raj Prabhu, CEO of Mercom Capital Group.

Get the report: https://mercomcapital.com//product/9m-and-q3-2024-solar-funding-and-ma-report/

CHART: Solar Corporate Funding 9M 2020 – 9M 2024

In 9M 2024, VC funding activity totaled $3.5 billion raised in 39 deals.

Solar downstream companies led financing activity with 32 deals worth $3.3 billion in 9M 2024.

CHART: Solar Top VC Funded Companies in 9M 2024

The top VC deal in 9M 2024 was the $650 million raised by Pine Gate Renewables.

A total of 118 VC investors participated in solar funding in 9M 2024.

Solar public market financing in 9M 2024 came to $2.1 billion in 10 deals.

Announced solar debt financing activity in 9M 2024 totaled $16.7 billion in 68 deals.

In 9M 2024, 12 securitization deals totaled $3.8 billion.

CHART: Solar Top Disclosed M&A Transactions in 9M 2024

In 9M 2024, 62 solar M&A transactions were executed compared to 75 in 9M 2023.

The largest M&A transaction in Q3 2024 was by Macquarie Asset Management.

CHART: Solar Project Acquirer Mix (%) Q3 2023 – Q3 2024

In 9M 2024, 166 project acquisitions totaling 28.3 GW changed hands.

Investment firms were the most active acquirers of solar projects in Q3 2024, picking up 4.3 GW.

There are 247 companies and investors featured along with 80 charts in this 95-page report.

Get the report: https://mercomcapital.com//product/9m-and-q3-2024-solar-funding-and-ma-report/

About Mercom Capital Group

Mercom Capital Group is an integrated communications, research, and media firm focused exclusively on clean energy markets in the U.S., Europe, India, and the Middle East. Our research division produces industry-leading market intelligence reports on solar, storage, smart grid, and hydrogen. Our exclusive quarterly global funding and M&A reports are the industry's primary source for tracking funding activity in the sector. http://www.MercomCapital.com.

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