BUSINESS WIRE
37.7 GW of solar projects were acquired in 2024
Solar Companies Raise $26.3 Billion in Corporate Funding in 2024, Reports Mercom Capital Group
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Wendy Prabhu
Mercom Capital Group
Tel: 1.512.215.4452
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Mercom Capital Group, an integrated communications and research firm focused exclusively on clean energy, released its annual report on funding and merger and acquisition (M&A) activity for the solar sector in 2024.
Total corporate funding, including venture capital (VC) funding, public market, and debt financing into the solar sector, decreased 24% year-over-year (YoY) in 2024, with $26.3 billion in 157 deals compared to $34.4 billion in 161 deals in 2023.
Get the report: https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report
CHART: Solar Corporate Funding 2010-2024
“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. 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,” commented Raj Prabhu, CEO of Mercom Capital Group.
Global VC and private equity funding in solar in 2024 came to $4.5 billion. There were 14 VC funding deals of $100 million or more in 2024; 87% went to Solar Downstream companies.
CHART: Solar VC Funding 2010-2024
CHART: Solar Top VC Funded Companies in 2024
The top 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.
Announced debt financing came to $18.8 billion in 2024. Securitization deals were a key contributor, with a record $5 billion in 16 deals.
In 2024, 82 corporate M&A transactions were executed.
CHART: Solar Top Disclosed M&A Transactions in 2024
Solar Downstream companies led corporate M&A activity in 2024.
There were 217 large-scale solar project acquisitions in 2024, totaling 37.7 GW.
CHART: Solar Large-scale Project Acquisitions 2010-2024 (By GW)
Of the 37.7 GW of large-scale solar projects acquired in 2024, 38% were acquired by Project Developers and IPPs. Investment Firms and Infrastructure Funds acquired 35%. Utilities, Oil and Gas, and Installers acquired 14%.
There are 289 companies and investors, along with 107 charts covered in this 136-page report.
Get the report: https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report
About Mercom Capital Group
Mercom Capital Group is an integrated communications, research, and media firm focused exclusively on clean energy markets in the U.S., Europe, India, and the Middle East. Our research division produces industry-leading market intelligence reports on solar, storage, smart grid, and hydrogen. Our exclusive quarterly global funding and M&A reports are the industry’s primary source for tracking funding activity in the sector. http://www.MercomCapital.com.
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