US corporate funding for solar down 24% in 2024
From pv magazine USA
Corporate funding for solar, including venture capital (VC) funding, public market and debt financing into the solar sector, decreased 24% year-over-year in the United States in 2024, said a report from Mercom Capital.
The company reported the United States closed $26.3 billion in 157 deals in 2024 compared to $34.4 billion in 161 deals in 2023.
“2024 was a year of uncertainties for the solar industry, with inflation, high interest rates, trade disputes, and policy ambiguity,” said Raj Prabhu, chief executive officer, Mercom Capital Group.
Prabhu said the market awaits clear policy signals from the new administration on US Inflation Reduction Act provisions, clarity on the duration of availability of the Investment Tax Credit, tariff measures, and more before investors are ready to return to deal-making.
Mercom Capital said global VC and private equity funding in U.S. solar in 2024 came to $4.5 billion. There were 14 VC funding deals of $100 million or more in 2024; 87% went to downstream solar companies like project developers.
The largest VC-funded deals in 2024 were Pine Gate Renewables ($650 million), Nexamp ($520 million), BrightNight ($440 million), Doral Renewables ($400 million), and MN8 Energy ($325 million).
Solar public market financing in 2024 totaled $3 billion. Nine companies went public in 2024, bringing in $1.3 billion, said the report.
Announced debt financing came to $18.8 billion in 2024. Mercom Capital said securitization deals were a key contributor, with a record $5 billion in 16 deals. In 2024 a total 82 corporate M&A transactions were executed in the solar industry.
There were 217 large-scale solar project acquisitions in 2024, totaling 37.7 GW. Of those projects, 38% were acquired by project developers and independent power producers (IPP). Investment firms and infrastructure funds acquired 35% of the total capacity, while utilities, oil and gas, and installers acquired 14%.
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