Mercom Reports Solar Companies Raised $34.3B in 2023 Corporate Funding 


Mercom Capital Group has released its annual report on funding and M&A activity for the solar sector, finding that total corporate funding, including from VC, public market and debt financing, increased 42% year-over-year in 2023. 

The report further found $34.3B was raised in 160 deals, compared to $24.1B in 175 deals the previous year. Almost 45.4 GW of large-scale projects were acquired in 2023, with 35% of these being acquired by project developers and IPPs. Investment firms acquired 23%, followed by utilities with 17% of acquisitions.

“Investments into solar continue to defy expectations,” says Raj Prabhu, Mercom Capital Group CEO. “Despite high-interest rates and challenging market conditions, corporate funding in the sector was the highest in a decade. Debt financing also hit a decade high, and venture capital investments and public market financing recorded the second-highest amounts since 2010. Driven by the Inflation Reduction Act, the global focus on energy security and favorable policies worldwide, solar continues to attract significant investments.”

Notify of
Inline Feedbacks
View all comments