Solar corporate funding falls 24% to $26.3 billion in 2024
Corporate funding in the solar sector totaled $26.3 billion in 2024, according to figures released by Mercom Capital Group in its annual solar funding and M&A report.
The total figure, which includes venture capital funding, public market financing and debt financing, represents a 24% decrease on the $34.3 billion raised in 2023. The total encompasses 157 deals, down from a total 161 deals in 2023.
Solar venture capital funding totaled $4.5 billion in 2024, down 36% on 2023 levels. A total 87%, or $3.9 billion, went to 48 solar downstream companies.
Mercom found the top venture capital-funded companies in 2024 were Pine Gate Renewables ($650 million), Nexamp ($520 million), BrightNight ($440 million), Doral Renewables ($400 million), and MN8 Energy ($325 million).
Public market financing was down 59% year on year, reaching $3 billion in 2024. Mercom said nine companies went public in 2024, bringing in $1.3 billion, compared to seven companies that raised $2.1 billion in 2023.
Announced debt financing reached $18.8 billion, a drop of 6% on 2023 levels, but was bolstered by a record $5 billion in securitization dales.
“2024 was a year of uncertainties for the solar industry, with inflation, high interest rates, trade disputes, and policy ambiguity contributing to declines in funding and M&A activity,” said Mercom Capital Group CEO Raj Prabhu. “The market is awaiting clear policy signals from the new administration on the IRA provisions, ITC extensions, and tariff measures before investors come off the sidelines and deal-making can return to healthier levels.”
M&A activity was 15% lower in 2024 than the year prior, with 82 corporate transactions compared to 96 in 2023.
The largest transaction of the year was by Brookfield Asset Management, which, along with institutional partners, agreed to acquire a 53.12% stake in solar, wind and storage developer Neoen for $6.54 billion.
The number of large-scale solar project acquisitions in 2024 fell to 217 compared to 231 in 2023. Total acquired capacity also dropped to 37.3 GW, a 17% decrease from 45.4 GW the previous year.
The single metric to buck the trend was large-scale project funding, which Mercom found to increase 21% on 2023 levels, reaching $53.8 billion in 2024.
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