Mercom Capital Group Reports Solar Q2 2014 Funding: $6.3 Billion in Total Corporate Funding; $432 Million in VC Funding; $1.3 Billion in Third-party Funds

Mercom Capital Group, llc, a global clean energy communications and consulting firm, released its report today on second quarter funding and mergers and acquisitions (M&A) activity for the solar sector in 2014.

Total global corporate funding in the solar sector, including venture capital (VC), private equity (PE), debt financing, and public market financing raised by public companies, came in at $6.3 billion, compared to $7 billion in Q1 2014. This quarter also saw two IPO’s including one yieldco and a securitization deal.

Raj Prabhu, CEO of Mercom Capital Group, commented, “It was a solid quarter for the solar sector in terms of fundraising. VC funding was up, public markets remained strong and we are seeing new and innovative financial structures. Residential/commercial solar funds continue to raise record amounts.”

VC

Global VC funding, including PE and corporate VC, in Q2 2014 totaled $432 million in 21 deals, up from $251 million in 26 deals in Q1 2014, mostly due to three large deals. Solar downstream companies attracted most of the VC funding this quarter, with $388 million in 10 deals.

The largest VC/PE deal in Q2 2014 was the $150 million raise by Sunrun, a provider of residential solar-power systems. Investors included Foundation Capital, Accel Partners, Sequoia Capital, Madrone Capital, and others. Sunnova Energy, a provider of residential solar services, raised $145 million. Other Top 5 deals included the $72.5 million raised by residential solar installer Sungevity, followed by Siva Power (formerly Solexant), a manufacturer of CIGS solar modules, which raised $15 million. Brite Energy Solar, a provider of residential and commercial solar services, raised $14.2 million.

Project Funding

There were 33 large-scale project funding deals totaling $3.5 billion announced in Q2 2014. The Top 5 large-scale project funding deals in Q2 2014 included the $820 million raised by Megalim Solar Power for a 121 MW CSP project in Israel, Tenaska’s $450 million raise for the development of the 150 MW Tenaska Imperial Center West solar project in California, the $290 million raise by First Solar for its 141 MW Luz del Norte solar project in Chile, the $190 million raise by SunEdison for the 72.8 MW Maria Elena solar project in Chile, and the $142 million raise by Abengoa for its 100 MW XiNa Solar One CSP project in South Africa.

Third-party Funds

Third-party residential and commercial solar funds continued to attract significant attention, with more than $1.3 billion raised in Q2 2014. SunPower topped the list, raising $492 million in three different funds; investors included Google, Admirals Bank and Hannon Armstrong Sustainable Infrastructure Capital.

Corporate M&A

There were 25 corporate M&A transactions in the solar sector in Q2, down from 38 transactions in Q1 2014.  Solar downstream companies were involved in most of the M&A transactions with 11.

The largest disclosed M&A transaction by dollar amount was the $350 million acquisition of Silevo, a solar cell and PV module manufacturer, by SolarCity. This was followed by the $29 million acquisition of Zhejiang Ruixu Investment Company, a solar project development company and wholly-owned unit of ReneSola, by Jiangsu Akcome Solar Science & Technology Company. Jun Yang Solar Power Investments, an independent power producer, acquired the remaining 32.1 percent of Jun Yang Holdings, from Sun Reliant International, a wholly owned subsidiary of Hanergy Solar, for $14 million. RBI Solar, a provider of solar mounting systems, acquired Renusol, a subsidiary of CENTROSOLAR Group, for $3.5 million. Rounding out the Top 5 was the acquisition by Jinzhou Yangguang Energy, a wholly-owned unit of Solargiga Energy, of an additional 10 percent stake in PV module manufacturer Jinzhou Jinmao Photovoltaic Technology from Kinmac Holding, raising its stake to 96 percent, for $2.2 million.

Project Acquisitions

Project acquisitions in Q2 2014 totaled $229 million in 34 transactions with 1.1 GW changing hands. The top disclosed project acquisition by dollar amount was Foresight Solar Fund Limited’s acquisition of SunEdison’s 17.8 MW Castle Eaton solar project in Castle Eaton, UK, for $37.6 million. This was followed by the sale of the 19.5 MW Great Glemham solar project in Suffolk, UK, by BayWa to Allianz Renewable Energy Fund, an Allianz Capital Partners fund, for $35.7 million. Bluefield Solar Income Fund, an investment company focusing on large scale agricultural and industrial solar assets, acquired the 17.5 MW Hertfordshire solar projects from Solarcentury for $32.5 million, and ContourGlobal, an independent power producer, acquired a 5 MW solar portfolio in Italy from Sorgenia Solar for $27.5 million. Rounding out the Top 5 was another transaction from Foresight Solar Fund Limited, which acquired the 12.2 MW Highfields solar project in Essex, UK, for $26.3 million from SunEdison.

Mercom also tracked 150 large-scale project announcements worldwide in Q2 2014 representing 7.6 GW.

To learn more about the report, visit: Solar Q2 2014 Funding and M&A Report

###

Companies in Q2 2014:

1 Malaysia Development Bhd (1MDB), 5N Plus, 8minutenergy Renewables, Abengoa, Acharya Nagarjuna University, ACME Solar, Addtech Energy , Adenium Energy Capital, Adiant Capital Partner, Advanced Machine and Materials, Advanced Science and Innovation Company, Affordable Solar, AK Surya PowerMagic, ALANOD, Allianz Renewable Energy Fund, Alsons Consolidated Resources (ACR), Amberjack Solar Energy, Ameren Missouri, AMP Solar, Anesco, Ansasol, AR Energia, Arizona Public Service, AS Solar, Asahi Glass Company, Ascent Solar, Asian Greenenergy, Austriansolar Chile Seis, AVANCIS, Avelar, Bajo Frio PV, BayWa r.e., Beco, Belltown Alpha Renewables, Bharat Heavy Electricals Limited (BHEL), Bit-isle, Black & Veatch, Bluecell, Bluefield Solar Income Fund, BlueNRGY, BlueTec, BlueWave Capital, Borrego Solar, Bosch Solar, Bournemouth Solar, Bright Group Investments, Brightfields Development, Brite Energy Solar, British Solar Renewables, Calyxo, Canadian Solar, Capital Stage, CaptureSolar Energy, Carmanah Technologies, CBD Energy, Cedarvale Energy, Cemento Polpaico, Centrosolar Group, China National Building Materials Group, Clenera, Cogip, Comtec Solar Systems, Conergy, Constellation, ContourGlobal, Cuban Government, DCH Solarigiga, Diego De Almagro Solar, Dinghui New Energy, Dominion, Dubai Electricity and Water Authority (Dewa), Duke Energy Renewables, E.ON Climate and Renewables, Ecoenergias del Guadiana, Ecoplexus, EDF Renewable Energy, Edisun Heliostats, EDP Renovaveis, Electricity Generating Authority of Thailand (EGAT), Elgin Energy, Enel Fortuna, Eosol Energy, Equal Earth, ET Solutions, Etrion Chile, Etrion Corporation, Evolution Solar, Eximag, First National Solar, First Solar, First Wind Solar Group, FLS Energy, Foresight Group, Foresight Solar Fund Limited, Gading Kencana, GCL-Poly Energy, GDF SUEZ, Georgia Power, Geostellar , German Agency for International Cooperation (GIZ), Geronimo Energy, Gestamp Solar, Goldsol II, Good Energy, Gover Farm, GranSolar, Green Tiki Power, Greenwood Biosar, Grenergy Renovables, GS Yuasa Corporation, GT Advanced Technologies, Hanergy Solar, Hannah Solar, Hareon Solar Technology, Hawaiian Electric, Haymaker Energy, Hindustan Power, Ichigo Group, Ikaros Solar, Imelsa, Infosys, Ingenero, Innovative Engineering Solutions, Innovative Solar System, Inversiones Piedra Colgada, Inversionesy Servicios SunEdison Chile, Isotron, JFE Engineering , Jiangsu Akcome Solar Science & Technology Company, JinkoSolar, Jinzhou Jinmao Photovoltaic Technology, Joule Africa, Jun Yang Solar Power Investments, Juwi Solar,  K Road Power Holdings, Kayseri Organized Industry Zone (KOIZ), Kencot, kWh Analytics, Kyocera Corporation, Lark Energy, Larsen & Toubro (L&T), LDK Solar, Lightsource Renewable Energy, Lopburi Solar, Lunar Energy, MAECI Solar, Maeda Corporation, Main Street Power, Martifer Solar, Marubeni, Megalim Solar Power, Meridian Energy, Meyer Burger Technology, Mibugawa Power, Morgan Solar, National Hydroelectric Power (NHPC), Nautilus Solar Energy Canada, NextEnergy Solar Fund, Northland Power, NRG Energy, NRG Yield, NuGen Capital Management, OCI Solar Power, OneRoof Energy Group, OnForce Solar, ORIX Corporation, Oxford Capital Partners, Pacifico Energy, Parque Solar Fotovoltaico Sol del Desierto, Pattern Chile, Photon Energy Systems, Photon Holding, PV-Systems, Qbotix, Quaid-E-Azam Solar Power, Rame Energy, Ranalli Immobiliare, RBI Solar, REC Solar, Recurrent Energy, Renewable Energy Trust Capital, Renova, Renusol, REP Energy, RES Americas, Rete Rinnovabile, RevoluSun, RGS Energy, Rijn Capital, RSI, RWE Supply & Trading, S2 Solar, Samsung Renewable Energy, San Carlos Solar Energy, San Diego Gas and Electric (SDG&E), Savanna Solar, Scatec Solar, Schuco International, SDR Energy Panama, Semprius, Shunfeng Photovoltaic International, Siemens Energy Smart Generation Solutions, Silevo, Silicon Ranch, SILLIA Energie, Silver Ridge Power, Simpa Networks, Siva Power, skytron-energy, SOL, Solairedirect, Solar Building Company, Solar Capture Technologies, Solar Frontier, Solar Roadways, Solar Securities, Solar Supply Sweden, Solar Tecnologia, Solarcentury, SolarCity, SolarCommunities, Solargiga Energy, Solarpack, Solarstrom, SOLARWATT, Solek Group, Soleq, Sonelgaz, Sorgenia Solar, Southern Power, Soventix, Spriggs Solar, Strata Solar, Sun Farm Network, SunEdison, SunFunder, Sungevity, Sunnova Energy, Sunny Health, SunPower, Sunrun, SunShare, Sunways, Sylarus Technologies, System 3, Taiyo Holdings, TBEA Xinjiang New Energy, Tekno Ray Solar, Tenaska, TerniEnergia, THEOLIA, TIAA-CREF, Trina Solar, True Green Capital Solar Generation IV, Turner Renewable Energy, Ubiquity Solar, Umbra Solar Services, Union Investment Group, United Photovoltaics, Upower, URBASOLAR, Uzbekenergo, Valsolar, Vertex Companies, Vertex Engineering, Viessmann Photovoltaik, Welspun Renewables Energy, Windiga Energy, Wirsol Solar, Xiangcheng Luyuan Solar, Xinyi Solar, Yingli Green Energy, Zhejiang Ruixu Investment Company.

 
HOME | OUR TEAM | HOW WE CAN HELP | PUBLIC RELATIONS
FINANCIAL COMMUNICATIONS | MARKET INTELLIGENCE | NEWS ROOM | CASE STUDIES | CAREERS | MERCOMINDIA | DISCLAIMER | CONTACT
© 2016 by Mercom Capital Group, LLC. All Rights Reserved.


Mercom Capital Group
Clean Energy Communications and Consulting
Public Relations, Community Relations, Investor Relations
Austin, Texas; Bangalore, India