Plus, solar funding is down and Australian rooftop installers are preparing for tough times ahead as one U.S. utility has warned customers to be alert to scammers hoping to benefit from the pandemic.
The latest PV finance report released by Mercom Capital had solar investment falling almost entirely across the board with the number of new solar funds launched in the last three months offering a rare piece of good news.
Mercom Capital has released their annual report for 2019, describing the year as robust and showing company funding of $11.7 billion, up 20% over 2018, on top of announced project deals of $16.1 billion, up 14%.
Mercom Capital Group’s Q1 2019 Solar Funding & M&A report has registered $2.8 billion in venture capital, public market and debt financing, up from $2.5 billion a year ago. Large scale project financing reached a record $5.58 billion across 43 deals and there were 18 solar corporate M&A transactions.
The level of new solar capacity – 8,263 MW – however, was 15.5% down from the 9,782 MW added in 2017 owing to safeguarding duty and tax taking a toll on large-scale PV. While utility-scale solar declined 23% year-on-year, rooftop PV remained a bright spot, and registered impressive growth of 66%.
Mercom Capital’s latest report on financial activity in the solar sector illustrates an increasing flow of capital towards downstream companies and PV projects – as well as a split between China and the rest of the world.
Despite the uncertainty caused by U.S. solar panel import tariffs, deteriorating trade relations between the U.S. and China, and the looming consequences of China’s PV policy change, the solar industry saw a 15% YoY increase in corporate funding in the first half of 2018, on the back of a Q2 rebound, finds the latest Mercom Capital report.
According to a report released by Mercom Capital, venture capital firms showered battery storage companies with money to the tune of US$714 million last year.
Total corporate funding in the solar sector has slipped slightly in the first nine months of this year, compared to the same period in 2016 reports Mercom Capital, despite increases in global VC funding and M&A transactions. Some strong quarterly gains were, however, recorded. Downstream remains a key funding focus.
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