Fri, Aug 18, 2017 | updated 02:18 PM IST

Corporate funding in solar sector for Mercom Capital Group rises to $4.6 billion

Updated: Jul 16, 2017 13:39 IST      
Corporate funding in solar sector for Mercom Capital Group rises to $4.6 billion

New Delhi [India], July 16 (ANI): The total corporate funding in the solar sector has come to $4.6 billion in the first half of 2017, global clean energy communications and consulting firm Mercom Capital Group, llc, released in its report.

Global VC funding (venture capital, private equity, and corporate venture capital) for the solar sector in first half of 2017 was 23 percent higher with $713 million.

"There is a great deal of uncertainty in the solar markets right now, which is reflected in the funding activity. However, solar public companies, especially on the U.S. stock markets, have done well this year. A lot is riding on how the Suniva anti-dumping case plays out as it will dictate market dynamics going forward," said Raj Prabhu, CEO of Mercom Capital Group.

In Quarter II of 2017, VC funding for the solar sector saw a precipitous decline with $128 million in 23 deals compared to $585 million in 22 deals in Quarter I of 2017. Most of the VC funding in Quarter II of 2017 went to solar, a downstream company, which is 72 percent; $92 million was raised in 15 deals.

The top VC deals in 2017 included the $200 raised by the ReNew Power Ventures followed by the $155 million raised by Greenko Energy Holdings, the $125 million secured by Hero Future Energies, Silicon Ranch's $55 million, $25 million raise by Siva Power and the $25 million raise by Spruce Finance. A total of 55 investors participated in solar funding in 2017.

Solar public market funding was higher with $934 million in 2017. Public market financing was also slightly up with $473 million raised in six deals.

Residential and commercial solar funds totalled $1.8 billion in 2017.

There were 97 deals in the first half of 2017 compared to the 79 deals in 2016.

Debt financing announced in first half of 2017 came to $3 billion. In second quarter of 2017, announced debt financing fell to $798 million in eight deals. The deal by Sunnova in the second quarter of 2017 raised $255 million.

Large-scale project funding announced in first half of 2017 came to $7.4 billion in 81 projects. In second quarter of 2017, large-scale project funding came in at $4.8 billion in 48 deals.

There were a total of 40 merger and acquisition transactions in the first half of 2017. There were 11 solar M&A transactions in the second quarter of 2017. Of the 11 total transactions in second quarter of 2017, eight involved solar downstream companies, two involved PV manufacturers, and one transaction was by a BOS company.

A total of 100 large-scale project acquisitions took place in the first half of 2017 totalling 10.6 MW. (ANI)

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