Corporate funding of the solar industry, increased 190% globally through the third quarter of 2021, according to a new analysis by Mercom Capital Group.
The report details 112 deals worth $22.8 billion in total corporate funding in the first nine months of 2021. There were 72 deals worth $7.9 billion over the same period last year.
This will end up as one of the best years for solar financing since 2010. As the push toward the energy transition picks up speed worldwide, solar – one of the mature renewable energy resources – is benefitting enormously. Solar project acquisitions in the first nine months of 2021 have already surpassed all of 2020.
Global VC funding of solar decreased slightly in Q3 but is up 224% year-over-year with $593 million across 13 deals.
5 largest solar VC deals through Q3 2021
5. Fourth Partner Energy $125 million
4. Intersect Power $127 million
3. Nexamp $240 million
2. Aurora Solar $250 million
1. Loanpal $800 million
Public market financing of the solar sector also increased through the first nine months of 2021: $6.3 billion across 23 deals compared to $2 billion in 10 deals over the same period last year. There were seven IPO and SPAC deals announced in 9M 2021, according to Mercom.