Total Corporate Funding for Solar Sector Totaled $12 Billion in 1H 2022

Over 37 GW of solar projects were acquired in the first half of the year

AUSTIN, Texas–(BUSINESS WIRE)–#1H2022Mercom Capital Group, a global clean energy communications and consulting firm, released its report on funding and merger and acquisition (M&A) activity for the solar sector in the second quarter (Q2) and the first half (1H) of 2022.

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Total corporate funding (including venture capital (VC) funding, public market, and debt financing) in 1H 2022 stood at $12 billion, 11% lower compared to the $13.5 billion raised in 1H 2021. The number of deals increased 28% year-over-year (YoY), with 91 deals in 1H 2022 compared to 71 deals in 1H 2021.

CHART: Solar Corporate Funding 1H 2018 – 1H 2022

“The current state of the economy—inflation, higher interest rates, supply chain issues—has started to impact fundraising in the solar sector. Even though the first half numbers held up, there was a pronounced slowdown from Q1 to Q2. Besides venture and private equity funding, all other areas experienced a decline in financing activity. But the value of solar is more evident than ever to markets that are dependent on energy imports. Clean energy installation goals are being ramped up around the world, and solar is a long-term beneficiary of this trend,” said Raj Prabhu, CEO of Mercom Capital Group.

In 1H 2022, VC funding rose to $3.7 billion in 53 deals.

Of the $3.7 billion in VC funding, 89% went to solar downstream companies with $3.3 billion in 39 deals.

145 VC investors participated in solar funding in 1H 2022.

CHART: Solar Top VC Funded Companies in 1H 2022

Solar public market financing in 1H 2022 came to $3.3 billion in eight deals.

Announced solar debt financing activity in 1H 2022 totaled $5 billion in 30 deals.

In 1H 2022, five securitization deals totaled $1.4 billion, a 26% decrease compared to 1H 2021.

In 1H 2022, there were 53 solar M&A transactions.

CHART: Solar Top 5 M&A Transactions in 1H 2022

In 1H 2022, there were 148 project acquisitions for 38 GW of solar projects.

CHART: Solar Project Acquirer Mix (%) Q2 2021 – Q2 2022

Project Developers and Independent Power Producers were the most active acquirers of solar projects in Q2 2022, with 4.1 GW.

391 companies and investors covered in this 100-page report.

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About Mercom Capital Group

Mercom Capital Group is a global communications and consulting firm focused on clean energy. Mercom produces funding and market intelligence reports covering Solar and Battery Storage/Smart Grid/Efficiency. Mercom advises cleantech companies on new market entry, custom market intelligence, and strategic decision-making.


Wendy Prabhu

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