Global solar corporate funding up 42% in 2023


From pv magazine USA

Mercom Capital Group said in its latest corporate finance report for the solar industry that funding rose 42% year on year throughout the world in 2023. 

The report tracks venture capital funding, public market, and debt financing in the solar sector, which totaled $34.3 billion raised in 160 deals in 2023. This compares to the total of $24.1 billion across 175 deals in 2022. Mercom said 2023 had the most corporate funding in solar in a decade.

“Despite high-interest rates and challenging market conditions, corporate funding in the sector was the highest in a decade,” said Raj Prabhu, chief executive officer of Mercom Capital Group. “Debt financing also hit a decade high, and venture capital investments and public market financing recorded the second-highest amounts since 2010. Driven by the Inflation Reduction Act, the global focus on energy security, and favorable policies worldwide, solar continues to attract significant investments.”

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Global venture capital (VC) reached $6.9 billion in 2023, with 26 VC funding deals of $100 million or more in 2023. This was down 1% from the $7 billion raised in 2022.

The largest global VC deal was for 1KOMMA5°, a Germany-based solar installer, which raised $471 million in a Series B funding round.

In the United States, project developer Silicon Ranch announced that it conducted a $600 million equity raise. An initial $375 million in funding closed in December 2022, with an additional $225 million closing in 2023.

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