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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 raised in 157 deals, 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 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 the solar sector in 2024 came to $4.5 billion in 60 deals, 36% lower than the $7 billion raised in 70 deals in 2023. There were 14 VC funding deals of $100 million or more in 2024.

Public market financing in the solar sector in 2024 totaled $3 billion, 59% lower than the $7.4 billion raised in 2023.

In 2024, announced debt financing came to $18.8 billion, 6% lower compared to $20 billion in 2023. Securitization deals were a key contributor, with a record $5 billion in 16 deals.

M&A activity was 15% lower YoY in 2024, with 82 corporate M&A transactions compared to 96 in 2023. The largest transaction was by Brookfield Asset Management, along with institutional partners, including Brookfield Renewable and Singapore’s Temasek Holdings, which agreed to acquire a 53.12% stake in Neoen, a solar, wind, and energy storage project developer, for $6.54 billion.

The number of large-scale solar project acquisitions in 2024 fell to 217, compared to 231 in 2023. The total acquired capacity also dropped to 37.7 GW, a 17% decrease from 45.4 GW the previous year.

There were 289 companies and investors covered in this report. It is 136 pages in length and contains 107 charts, graphs, and tables.

Mercom Capital Group’s Quarterly Solar Funding and M&A Reports are comprehensive high-quality reports delivering superior insight, market trends, and analysis. These reports help bring clarity to professionals in the current financial landscape of the solar industry.

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Quarterly market and deal activity displayed in easy-to-digest charts, graphs, and tables, alongside data-driven analysis.

The report covers all types of deals and financing activity, including:

• Venture capital funding deals, including top investors, QoQ and YoY trends, and a breakdown of charts and graphs by technology, sector, stage, and country;
• Large-scale project funding deals, including top investors, QoQ and YoY trends and breakdown charts and graphs by technology and country;
• Public market financing, including equity financing, private placements, and rights issues;
• Debt and other funding deals, as well as QoQ and YoY trends;
• Third-party residential/commercial project funds;
• Large-scale project acquisitions and active project acquirers;
• Large-scale project announcements in various levels of development throughout the world;
• Mergers and acquisitions (M&A), including QoQ and YoY trends, a breakdown of charts and graphs by technology and sector, as well as project M&A activity;
• New cleantech and solar funds;
• New large-scale project announcements;
• Large-scale project costs per MW.

This report also contains comprehensive lists of all announced Q4:

• VC funding, debt financing, public equity financing, and project funding deals;
• VC and project funding investors;
• M&A transactions;
• Project acquisitions by amounts and megawatts;
• M&A, and project M&A transactions;
• Large-scale project announcements.

Mercom’s comprehensive report covers deals of all sizes across the globe. Have questions about the report? Email us here.