In 2019, global solar corporate financing increased by 20% year-on-year to US$11.7 billion

According to Mercom Capital, total global solar corporate financing (including venture capital and private equity VCs, debt financings and public market financing) reached $11.
7 billion in 2019, up 20%
from $9.
7 billion in 2018.

"Financial activity in the solar industry increased across the board in 2019, with venture funding, public markets and debt financing all increasing
year on year.
Solar stocks have also had a good year, with six solar IPOs
worldwide.
These compelling metrics, combined with strong debt financing activity, including securitization deals, have had a bright year for the industry," said
Raj Prabhu, CEO of Mercom Capital Group.

Global venture capital and private equity (VC/PE) financing (VC/PE) in the solar industry totaled 53 deals totaling $1.
4 billion in 2019, compared to $1.
3 billion
in 65 deals in 2018.

In 2019, of the $1.
4 billion in VC/PE funds raised in 53 deals, $1 billion went to 30 solar downstream companies, accounting for 75%
of the total amount of such financing in 2019.
Thin Film Technologies raised $126 million, PV raised $100 million, and System Balance BOS raised $72 million; In total, solar service providers received $29 million; Concentrating Solar Energy (CSP) raised $7 million and manufacturing companies raised $3 million
.

The companies most backed by solar VC/PE funding in 2019 were ReNew Power, which raised $300 million, Hero Future Energies raised $150 million, followed by Avaada Energy, which raised $144 million
.
Yellow Door Energy raised $65 million and Infinity Solar raised $60 million
.

In 2019, 116 venture capitalists and private equity investors participated in financing transactions, of which 10 participated in multiple funding
rounds.

Public market financing increased 9% to $2.
5 billion
in 2019, compared to $2.
3 billion in 2018.
Initial public offerings (IPOs) contributed to higher public market fundraising activity in 2019, with six transactions raising $1.
3 billion
.

In 2019, announced debt financing increased by 29% to 46 transactions totaling $7.
8 billion, compared to $6.
0 billion from 53 transactions in 2018
.
There were eight securitization transactions totaling US$1.
6 billion in 2019, the largest amount raised through a solar securitization transaction
.

The biggest deal for large-scale project financing was the $2 billion
raised by the Dubai Electricity and Water Authority (DEWA), the ACWA Power and Silk Road Fund for the Noor Energy 1 solar project.

Major investors funding large-scale projects in 2019 include Natixis, Banco Sabadell, ING, IFC and NORD/LB.

In 2019, there were 65 M&A deals in the solar sector, compared to 82 in 2018
.
Most of the deals involved solar downstream businesses
.
In 2019, BayWa, EDF Renewable Energy and Engie all acquired two companies
.
The biggest deal of 2019 was the $6.
1 billion acquisition of Pattern Energy by the Canada Pension Plan Investment Board (CPPIB
).

In 2019, a total of 26 GW of large-scale solar projects changed hands, compared to 29 GW
in 2018.
There were 192 large-scale solar projects acquired in 2019, compared to 218 large-scale solar projects
in 2018.

Prabhu added: "Investment firms have acquired more than 30 GW of large-scale solar projects in the last five years, reflecting the attractiveness
of solar as a long-term, low-risk investment.
”