New Projects, Renewables, Solar

Q1 Solar Sector Corporate Funding Drops to $2.8 Billion

Q1 solar sector corporate funding drops to $2.8 billion

Total corporate funding in the solar industry decreased to $2.8 billion in the first quarter of 2016, according to a report by Mercom Capital Group LLC.

Total corporate funding, including venture capital funding, public market and debt financing, dropped from $6.9 billion in Q4 2015 to $2.8 billion in Q1 2016, a decline of about 59 percent quarter-over-quarter. Year-over-year, total corporate funding was down compared to 64 deals totaling $6.4 billion in Q1 2015.

Global venture capital funding was $406 million in 22 deals compared to $457 million raised in 17 deals in Q4 2015. Year-over-year, venture capital funding was up compared to Q1 2015 when $195 million went into 27 deals. Most of the funding this year went to solar downstream companies with $333 million in seven deals. Sunnova Energy raised $300 million, which accounted for most of the total.

Recurrent Energy raised $180 million for the 75-MW Astoria 2 solar project in California, which placed it as No. 2 in the top five large-scale project funding deals. No. 3 was the Samsung Renewable Energy and Connor, Clark & Lunn Infrastructure, which secured $136 million for the 50-MW Southgate solar project in Ontario, Canada. SunPower’s $115.5 million loan for its 54-MW Rosamond I solar project in California rounded out the list at No. 5.

Mercom tracked 308 large-scale project announcements worldwide in Q1 2016 totaling 13.8 GW.

Read the full report