Five IPOs in the solar sector have together brought in $1.3 billion in 9M 2019
Total corporate funding, including venture capital/private equity, public market, and debt financing in nine months of 2019 was up 34 per cent year-on-year at $9 billion raised, compared to the $6.7 billion raised in the same period in 2018.

Corporate funding into the solar sector in the third quarter of 2019, came to $3 billion ($1.3 billion), according to Mercom Capital Group report on funding, merger and acquisition activity for the solar sector.

“Corporate funding activity this year is ahead as demand outlook is positive, and solar public companies continue to do well. In Q3 2019, over $100 million in venture funding went to technology and manufacturing-focused companies, which is rare. Five IPOs and over a billion dollars in securitisation deals this year have been the highlights,” said Raj Prabhu, CEO of Mercom Capital Group. Global VC/PE funding in the third quarter of 2019 totalled $208 million in 11 deals.

Global VC funding

In the nine-month period, global VC funding in the solar sector was 13 per cent higher with $1 billion ($889 million). The top VC deals in this period include$300 million raised by Renew Power; $144 million raised by Avaada Energy; $65 million by Yellow Door Energy; $50 million by BBOXX; and $50 million by Spruce Finance. A total of 88 VC investors participated in solar funding in 2019.

Solar public market financing in in the nine months rose to $2.25 billion in 13 deals, 25 per cent higher than in 2018 ($1.8 billion in 14 deals).

Five IPOs in the solar sector have together brought in $1.3 billion in 9M 2019.

Public market financing into the solar sector in the third quarter came to $1.3 billion in five dealswith two IPOs. Announced debt financing activity in the first nine months of 2019 ($5.8 billion in 37 deals) was 43 per cent higher compared with same period of 2018. Six solar securitisation deals brought in a total of $1 billion. Cumulatively, $4.7 billion has now been raised through securitisation deals since 2013.

There were a total of 13 project funding deals larger than $100 million in Q3 2019.

During the nine months in 2019, there were a total of 57 (10 disclosed) solar M&A transactions (64 transactions; 16 disclosed). Project acquisition activity was lowe, with 15.9 GW of solar projects acquired, (23.6 GW). In Q3 2019, a total of 34 projects for a combined 4.3 GW were acquired.

Shapoorji Pallonji-backed Sterling & Wilson Solar, closed its initial public offer (IPO), backed by global institutional investors, raising $406 million on the Bombay Stock Exchange.