Solar corporate funding down 10% in H1 2024: Mercom Capital

This was despite a 9% increase in the number of deals.

Total corporate funding in the global solar sector fell 10% to $16.6b in the first half (H1) of 2024 from $18.5b a year ago, according to Mercom Capital.

In its latest report, Mercom said the decrease in funding, which includes venture capital/private equity (VC) funding, public market, and debt financing, was recorded despite a 9% increase in the number of deals that reached 87% in the same period.

The report also noted that VC funding activity decreased 29% year-on-year (YoY), with $2.7b raised in 29 deals in H1. Solar public market financing, meanwhile, fell 75% to $1.7b in eight deals.

Solar debt financing rose 53% to $12.2b in 50 deals in the first six months of the year. The first half of 2024 was the highest H1 total recorded in a decade for debt financing, Mercom said. 

During the same period, there were 40 solar merger and acquisitions transactions in the first half versus 48 transactions last year. Moreover, 113 solar project acquisitions totaling 18.5 gigawatts (GW) were transacted, down from previous year’s 116 project acquisitions totaling 25.5 GW.