April 11 (Renewables Now) - The solar sector raised total of USD 3.2 billion (EUR 3bn) in corporate funding in the first quarter (Q1) of 2017, including venture capital/private equity (VC/PE), debt and public market financing.
According to the latest report by Mercom Capital Group, corporate funding doubled quarter-on-quarter and grew by 15% year-on-year. The improvement was largely due to a rise in debt financing activity. Merger and acquisition (M&A) activity was also strong, and solar public companies also had “a good first quarter”, said Mercom CEO Raj Prabhu.
|All in USD million||Q1 2017||Q4 2016||Q1 2016|
|Public market financing||461||615||94|
|Announced debt financing||2,200||610||2,300|
commercial solar funds
|TOTAL corporate funding||3,200||1,600||2,800|
Most of the VC funding in the quarter, or USD 548 million, was secured by solar downstream companies. That segment also led M&A activity with 20 of the 29 transaction in Q1 involving downstream firms.
Mercom also said there were 49 large-scale solar project acquisitions in January-March, down from 73 in the preceding quarter, and 50 a year before. About 7.4 GW of solar projects were acquired, including nearly 1 GW by yieldcos.
The clean energy consulting firm tracked 233 large-scale project announcements globally in the quarter for a combined capacity of 12.7 GW.
The full report can be found here.
(USD 1 = EUR 0.94)