Solar public market financing in 1H 2023 was 103 percent higher, while debt financing activity was up by 60 percent YoY.
In 1H 2023, global venture capital (VC) funding activity rose 3 percent YoY, with $3.8 billion in 33 deals compared to $3.7 billion in 53 deals in the first half of 2022.
“Even amidst the tightening financial market conditions and high interest rates, the solar industry remained strong in the first half of the year” said Raj Prabhu, CEO of Mercom Capital Group. “Besides AI, cleantech is one of the few sectors still attracting VC interest. Demand due to the Inflation Reduction Act (IRA) is so strong that even interest rate-sensitive public market and debt financing in solar was up year-over-year. The lack of easy money, however, affected M&A activity negatively”.
Project developers and independent power producers (IPPs) were the most active acquirers of solar projects in Q2 2023, picking up 5.5 GW, followed by utilities with 3.9 GW.
This report covers 187 companies and investors, is 98 pages long, and contains 84 charts, graphs, and tables.
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