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					</table>Global corporate funding in the solar sector in 2024 reached $26.3 billion, a 24% year-over-year (YoY) decline from $34.4 billion, according to Mercom’s <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">Annual and Q4 2024 Solar Funding and M&amp;A Report</a>.
There were 157 deals in 2024 compared to 161 deals in 2023.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75457 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-1.png" alt="" width="642" height="371" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-1.png 642w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-1-300x173.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-1-624x361.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-1-600x347.png 600w" sizes="(max-width: 642px) 100vw, 642px" /></a>
Global venture capital (VC) and private equity funding in the solar sector in 2024 reached $4.5 billion in 60 deals, a 36% decline from $7 billion raised in 70 deals in 2023.
There were 14 VC funding deals of $100 million or more in 2024.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75456 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-2.png" alt="" width="675" height="391" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-2.png 675w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-2-300x174.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-2-650x377.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-2-624x361.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-2-600x348.png 600w" sizes="(max-width: 675px) 100vw, 675px" /></a>
Out of the $4.5 billion in VC funding raised in 60 deals in 2024, 87%, amounting to $3.9 billion, went to solar downstream companies.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-5.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75453 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-5.png" alt="" width="700" height="570" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-5.png 700w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-5-300x244.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-5-650x529.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-5-624x508.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/soalr-funding-5-600x489.png 600w" sizes="(max-width: 700px) 100vw, 700px" /></a>
Solar photovoltaic companies raised $401 million, and the balance of system companies raised $117 million. Thin film companies raised $33 million, concentrated solar power companies raised $22 million, and service providers raised $1 million.
“The market has been trending downward throughout the year. Interest rates have come down in the last two quarters, with the Fed cutting rates three times. However, this has not been enough to revive the funding and financing sector,” Raj Prabhu, CEO of Mercom Capital Group, said.
“The fourth quarter was the weakest due to election-related uncertainty. There is speculation about rolling back the Inflation Reduction Act, restricting funding for certain programs, and shortening the investment tax credit, originally set for 10 years. Once the new administration takes over, we can expect more clarity on policy direction,” Prabhu said.
He also pointed to President Donald Trump’s previous comments on increasing tariffs, which could drive up solar component prices. “Deal-making and fundraising have stalled as investors adopt a wait-and-see approach.”
The top VC-funded companies in 2024 were Pine Gate Renewables ($650 million), Nexamp ($520 million), BrightNight ($440 million), Doral Renewables ($400 million) and MN8 Energy ($325 million).
Public market financing in the solar sector in 2024 totaled $3 billion, a 59% YoY decrease from $7.4 billion.
Nine companies went public in 2024, bringing in $1.3 billion, compared to seven companies that raised $2.1 billion in 2023.
Announced debt financing reached $18.8 billion in 2024, a 6% YoY decrease from $20 billion. Securitization deals were a key contributor, with $5 billion in 16 deals.
“Publicly traded solar stocks and companies have struggled. Rising costs, high interest rates, potential tariffs, and market uncertainty have kept investors on the sidelines,” Prabhu said.
Mergers and acquisitions witnessed a 15% YoY decline in 2024, with 82 transactions compared to 96 in 2023.
There were 82 M&amp;A transactions announced in 2024, with 21 amounting to $17.3 billion. By comparison, 96 companies (27 disclosed) were acquired for $12.4 billion in 2023.
“M&amp;A transactions often require borrowing, but with high borrowing costs, acquisitions have become less attractive. While some good deals are still happening, overall M&amp;A activity has declined year-over-year,” Prabhu added.
The largest transaction was by Brookfield Asset Management and institutional partners, including Brookfield Renewable and Singapore’s Temasek Holdings. They agreed to acquire a 53.12% stake in Neoen, a solar, wind, and energy storage project developer, for $6.54 billion.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-6.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75452 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-6.png" alt="" width="616" height="717" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-6.png 616w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-6-258x300.png 258w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funnding-6-600x698.png 600w" sizes="(max-width: 616px) 100vw, 616px" /></a>
Solar downstream companies led corporate M&amp;A activity in 2024, acquiring 66 companies, followed by manufacturers acquiring six companies, and service providers and the balance of system companies with five acquisitions each.
There were 217 large-scale solar project acquisitions in 2024 compared to 231 acquisitions in 2023.
“Financing large projects has been challenging due to high interest rates. Uncertainty around tariffs and rising project costs are adding to the difficulties. Nearly 3 TW of projects are reportedly awaiting interconnection approvals, further extending the queue. In addition, labor shortages and high labor costs have impacted project development. The market has been particularly tough for early-stage projects, which are considered risky until more clarity emerges in the coming months,” Prabhu said.
The total acquired capacity in 2024 amounted to 37.7 GW, a 17% YoY drop from 45.4 GW.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funding-4.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-75454 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funding-4.png" alt="" width="618" height="392" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funding-4.png 618w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funding-4-300x190.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/solar-funding-4-600x381.png 600w" sizes="(max-width: 618px) 100vw, 618px" /></a>
Of the 37.7 GW of large-scale solar projects acquired in 2024, 38% were acquired by project developers and independent power producers.
Investment firms acquired 35%, followed by others (insurance providers, pension funds, energy trading companies, industrial conglomerates, and IT firms), which took a 13% share in 2024. Utilities, oil and gas, and installers acquired the remaining 14%.
The 136-page report covers 289 companies and investors. It contains 107 charts, graphs, and tables.
To learn more about Mercom’s 2024 Solar Funding and M&amp;A Report, visit: <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/</a>

Corporate Funding in the Solar Sector Dropped 24% YoY in 2024

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					</table>Corporate funding for energy storage companies surged to $15.4 billion across 64 deals in the first half (1H) of 2024, reflecting a 117% increase from the $7.1 billion in 59 deals in 1H of 2023.
The top five energy storage VC funding deals in the first half of 2024 were Sila $375 million; EnerVenue $308 million; Natron Energy $189 million; Ascend Elements $162 million; and Antora Energy $150 million.
Lithium-ion-based battery companies received the highest VC funding in the first half of 2024. Other leading funded categories included battery recycling, metal-hydrogen batteries, materials and components providers, and sodium-based battery companies.
There were 14 M&amp;A transactions in 1H of 2024, an increase from the eight recorded in 1H of 2023.
Conversely, the 1H of 2024 saw 13 energy storage project M&amp;A transactions, a decline from the 19 transactions during the same period in 2023.
Raj Prabhu, CEO of Mercom Capital Group, stated, &#8220;The significant increase in corporate funding, despite high interest rates and uncertain macroeconomic conditions, reflects the critical importance of energy storage and its role in the transition to sustainable energy.&#8221;
He attributed the growth to the Investment Tax Credit (ITC), part of the Inflation Reduction Act (IRA), which remains a major driver of corporate funding.
Additionally, California, a significant U.S. market, has seen its Net Metering 3.0 program become a positive force for energy storage.
&#8220;Overall, the Inflation Reduction Act has been a significant catalyst, creating a substantial pipeline for energy storage projects in the U.S., with about 1 GW in the interconnection pipeline,&#8221; Prabhu said.
<img loading="lazy" decoding="async" class=" wp-image-68421 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1-300x211.jpg" alt="Corporate funding for energy storage-1" width="434" height="305" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1-300x211.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1-650x458.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1-624x439.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1-600x422.jpg 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1.jpg 726w" sizes="(max-width: 434px) 100vw, 434px" /> 
In 1H of 2024, venture capital (VC) funding for energy storage companies amounted to $2.4 billion across 48 deals, a 37% decrease from the $3.8 billion in 43 deals during the same period in 2023.
Prabhu explained, &#8220;Overall, we are heading in the right direction in terms of VC funding. Q1 was down, but funding in Q2 has bounced back.&#8221;
With inflation in the U.S. trending down over the last month and a half, the chances of the Fed cutting interest rates in September are very high. Once the market has a clear view of the interest rate trajectory, dealmaking will increase as lower borrowing costs will likely spur more investments.
He added, &#8220;There&#8217;s also some uncertainty surrounding the U.S. elections right now. Investors might take a wait-and-see approach for more clarity before making decisions.&#8221;
Smart Grid 
In 1H of 2024, corporate funding for smart grid companies reached $1.6 billion across 36 deals, an 11% decrease from the $1.8 billion raised in 33 deals during the first half of 2023.
<img loading="lazy" decoding="async" class="alignnone wp-image-68422 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1a-300x210.jpg" alt="Corporate funding for energy storage-1a" width="479" height="335" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1a-300x210.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1a-650x455.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1a-624x437.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1a-600x420.jpg 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Corporate-funding-for-energy-storage-1a.jpg 750w" sizes="(max-width: 479px) 100vw, 479px" />
Venture capital (VC) funding across all Smart Grid companies in the first half of 2024 amounted to $1.2 billion across 29 deals, a 22% increase year-over-year from $986 million raised in 26 deals in the first half of 2023.
Prabhu noted, &#8220;Among smart grid technologies, smart charging is the sub-sector experiencing significant growth. All aspects of smart charging, from hardware to software, are seeing increased financing due to incentives for electric vehicles (EVs) under the IRA, necessitating adequate charging infrastructure.&#8221;
&#8220;There&#8217;s a bit of optimism entering the market. Despite the uncertainties we&#8217;ve discussed, there is more positive sentiment compared to two quarters ago. We&#8217;re hopeful for the future based on the latest inflation readings, which were lacking in Q1. The investment community was disappointed as interest rate cuts expected in March did not materialize, and inflation numbers began to rise,&#8221; he said.
The top five Smart Grid VC funding deals in the first half of 2024 were Electra, which raised $330 million; Powerdot, which raised $108 million; FLO, which raised $100 million; Monta, which raised $87 million; and Battery Smart, which raised $65 million.
In 1H of 2024, there were three smart grid M&amp;A transactions, down from six transactions in the same period of 2023.
To obtain a copy of the report, please visit: <a href="https://mercomcapital.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">https://mercomcapital.com/product/1h-q2-2024-funding-ma-report-storage-grid/</a>

Corporate Funding for Energy Storage Surges to $15.4 Billion in 1H of 2024

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					</table>Corporates in the United States installed nearly 19 GW of onsite and offsite solar capacity cumulatively till June 2022. This includes 25 leading U.S.-based companies like <a href="https://about.meta.com/" target="_blank" rel="noopener">Meta</a>, <a href="https://www.aboutamazon.com/?utm_source=gateway&amp;utm_medium=footer" target="_blank" rel="noopener">Amazon</a>, and <a href="https://www.walmart.com/" target="_blank" rel="noopener">Walmart</a> installing 14% of the overall capacity.
The recently released ‘Solar Means Business 2022’ report by the Solar Energy Industries Association (<a href="https://www.seia.org/" target="_blank" rel="noopener">SEIA</a>) attributes the rapid expansion of offsite-solar procurement, which represents 55% of all commercial solar use, to the increase in installed capacity by U.S. businesses.
Meta has installed the highest solar capacity of 3.6 GW through June 2022, three times more than its closest counterpart Amazon at 1.1 GW. The solar energy offtake of the tech giant has grown by over 380% since 2019-end.
Further, a 51% drop in solar energy prices since 2012 has fuelled commercial demand.
There are now 23 U.S. companies that have installed at least 100 MW of solar capacity, up from 11 companies in 2019. Eighteen of the top 25 companies ranked in this report are pursuing 100% renewable energy or carbon-neutral goals.
<img loading="lazy" decoding="async" class="aligncenter wp-image-45605 size-full" src="https://mercomindia.com/wp-content/uploads/2022/12/Picture1-1.png" alt="" width="602" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/Picture1-1.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/Picture1-1-300x207.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/12/Picture1-1-600x415.png 600w" sizes="(max-width: 602px) 100vw, 602px" />
<a href="https://www.apple.com/" target="_blank" rel="noopener">Apple</a> and <a href="https://www.microsoft.com/en-in/" target="_blank" rel="noopener">Microsoft</a> together installed 1.5 GW of solar capacity through June 2022, revealing a significant investment by the two firms in solar to power their data centers.
Walmart stands fourth on the list, with 689 MW capacity installed until June.
Retailer <a href="https://www.target.com/" target="_blank" rel="noopener">Target</a> came behind Microsoft at the first spot for installing 515 MW of solar capacity as nearly 30% of its stores are equipped with rooftop solar systems. Walmart and Target together are leading in the number of individual solar systems installed.
The <a href="https://mercomindia.com/inflation-reduction-act-a-gamechanger-solar/" target="_blank" rel="noopener">passage</a> of the Inflation Reduction Act is also one of the major contributing factors, as it will support both onsite and offsite solar markets.
The report points out that the Act is expected to boost the onsite market by 24% until 2027, while the offsite markets will likely grow by 51% over the next five years.
The report states that the onsite commercial market’s average annual growth rate will go up by 11% between 2023-27. The utility-scale market, which includes 20-25% of the offsite corporate market, is set to grow by 45% by 2027.
“From data centers to industrial freezers, the most energy-intensive business operations are turning to solar as the most reliable and affordable way to power their infrastructure,” said SEIA President and CEO Abigail Ross Hopper.
The report said the competitive power prices from utility-scale projects have ensured that the prices of offsite systems have also moved downwards.
Another joint report by SEIA and Wood Mackenzie <a href="https://mercomindia.com/ira-help-us-solar-installations-to-triple-by-2027/" target="_blank" rel="noopener">published</a> earlier this year said overall solar installations across all market segments in the U.S. will increase to 336 GW by 2027 from 129 GW currently.

US Corporates Installed 19 GW of Solar Capacity Through June 2022

Total corporate funding (including venture capital funding, public market, and debt financing) for the battery storage, smart grid, and energy efficiency sectors in 2020 was up 112% at $8.1 billion in 2020 from $3.8 billion in the previous year, according to <a href="https://mercomcapital.com/battery-storage-smart-grid-efficiency-corporate-funding-q3-2020/" target="_blank" rel="noopener noreferrer">Mercom Capital Group</a>’s latest <a href="https://mercomcapital.com/product/2020-q4-annual-funding-ma-report-storage-grid-efficiency" target="_blank" rel="noopener noreferrer">report</a>.
Meanwhile, global venture capital (VC) funding (venture capital, private equity, and corporate venture capital) for battery storage, smart grid, and efficiency companies rose 12% in 2020 and stood at $2.6 billion, compared to $2.3 billion in 2019.
<a href="https://mercomindia.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-2019-2020.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-23988 size-full" src="https://mercomindia.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-2019-2020.png" alt="Battery Storage, Smart Grid, Efficiency Corporate Funding 2019-2020" width="798" height="236" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-2019-2020.png 798w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-2019-2020-300x89.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-2019-2020-768x227.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-2019-2020-650x192.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-2019-2020-624x185.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-Efficiency-Corporate-Funding-2019-2020-600x177.png 600w" sizes="(max-width: 798px) 100vw, 798px" /></a>
Battery Storage:
Mercom’s latest report showed that total corporate funding in the battery storage sector was up 136% at $6.6 billion raised through 54 deals in 2020. VC funding in the sector in 2020 slipped during the year to $1.5 billion through 32 deals compared to the previous year, which saw $1.7 billion through 32 deals.
The report also showed that 105 VC investors participated in battery storage deals in 2020 compared to just 78 in 2019. Breakthrough Energy Ventures was the top investor in 2020.
Lithium-ion battery technology companies received $649 million in VC funding during the year, the most across company categories. According to the report, the top VC funded companies in 2020 were: Northvolt with $600 million; QuantumScape with $200 million; Zenobe Energy with $198 million; ProLogium Technology with $100 million; and Form Energy with $76 million.
<a href="https://mercomindia.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-2020.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-23987 size-full" src="https://mercomindia.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-2020.png" alt="Battery Storage, Smart Grid, and Efficiency Top M&amp;A Transactions in 2020" width="495" height="415" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-2020.png 495w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-and-Efficiency-Top-VC-Funded-Deals-in-2020-300x252.png 300w" sizes="(max-width: 495px) 100vw, 495px" /></a>
In 2020, battery storage companies announced the highest debt financing since 2014 at $5 billion through 22 deals, up significantly from $1.1 billion through ten deals in 2019. Northvolt’s $1.6 billion and Plug Power’s $1 billion loans were the largest public market financing deals during the year.
There were 19 mergers and acquisition (M&amp;A) deals within the battery storage companies during the year. Overall, 24 battery storage and storage-plus-solar deals M&amp;A transactions were announced in 2020, up from 11 the year before.
Smart Grid: 
Smart grid companies raised $748 million in VC funding through 38 deals in 2020. This was a 149% increase from 2019 when $300 million was raised through the same number of deals. Total corporate funding, including debt and public market financing, stood at $758 million through 41 deals compared to $372 million through 41 deals in 2019.
Some of the top VC funded companies in the year included ChargePoint, which brought in $127 million; Star Charge, which received $125 million; Tibber, which secured $65 million; SmartRent with $60 million; and Probus Smart Things with $53 million, according to the report.
The report showed that 102 investors funded smart grid companies in 2020, up from 78 in 2019. Some of the top VC investors in this segment during the year included Congruent Ventures, Energy Impact Partners, National Grid Partners, and Silicon Valley Bank.
Smart charging companies received the most in VC funding during the year with $324 million through 13 deals. Smart grid communications companies raised $119 million through six deals, while demand response companies raised $104 million through three deals. The sector saw a total of 21 M&amp;A transactions during the year, compared to 29 in 2019.
Energy Efficiency:
Energy efficiency companies raised $291 million in VC funding through 16 deals during the year. This was a slight decline compared to $298 million through nine deals in 2019. Meanwhile, total corporate funding, including debt and public market financing, reached $791 million in 2020 compared to $670 million in 2019.
Some of the top VC funded companies in 2020 included Redaptive, which raised $157 million; followed by Palmetto with $29 million; Juganu with $18 million; Infogrid with $16 million; and Eta Compute with $13 million.
The year saw participation from 52 investors, up from just 38 in 2019. Evergy Ventures was the most active investor in 2020. Energy efficiency companies announced one deal worth $500 million in 2020, compared to $371 million through three deals in 2019.
M&amp;A activity in the energy efficiency segment slowed down with only four transactions during the year compared to 2019, which saw nine transactions.
<a href="https://mercomindia.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-and-Efficiency-Top-MA-Transactions-in-2020.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-23986 size-full" src="https://mercomindia.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-and-Efficiency-Top-MA-Transactions-in-2020.png" alt="Battery Storage, Smart Grid, and Efficiency Top M&amp;A Transactions in 2020" width="538" height="251" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-and-Efficiency-Top-MA-Transactions-in-2020.png 538w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/01/Battery-Storage-Smart-Grid-and-Efficiency-Top-MA-Transactions-in-2020-300x140.png 300w" sizes="(max-width: 538px) 100vw, 538px" /></a>
Mercom Capital Group also <a href="https://mercomindia.com/solar-sector-broad-based-recovery-funding/" target="_blank" rel="noopener noreferrer">released</a> its <a href="https://mercomcapital.com/total-corporate-funding-solar-sector-2020/" target="_blank" rel="noopener noreferrer">2020 Q4 and Annual Solar Funding and M&amp;A Report</a>, which showed that global corporate funding into the solar sector (including VC, private equity, debt financing, and public market financing) increased 24% to $14.5 billion in 2020 from $11.7 billion in 2019. The report covered 375 companies and investors from around the world.
Read more funding and M&amp;A news in our weekly funding roundup <a href="https://mercomindia.com/funding-and-ma-roundup-loanpal-solar-loans/" target="_blank" rel="noopener noreferrer">here</a>.

Corporate Funding for Battery Energy Storage Companies Was Up 136% at $6.6 Billion in 2020

Global corporate funding (including venture capital funding, public market, and debt financing) for the battery storage, smart grid, and energy efficiency sectors was up 165% in the third quarter of 2020 (Q3 2020) at about $3.2 billion, according to <a href="https://mercomcapital.com/battery-storage-smart-grid-efficiency-corporate-funding-q3-2020/" target="_blank" rel="noopener noreferrer">Mercom Capital Group</a>’s latest <a href="https://mercomcapital.com/battery-storage-smart-grid-efficiency-corporate-funding-q3-2020/" target="_blank" rel="noopener noreferrer">report</a>.
This was a steep increase from the previous quarter, which saw $1.2 billion in funding. It was also 777% higher than the same period last year, which only saw $365 million raised through 20 deals.
<a href="https://mercomindia.com/wp-content/uploads/2020/10/Picture1-2.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22189" src="https://mercomindia.com/wp-content/uploads/2020/10/Picture1-2.png" alt="Battery Storage Smart Grid and Energy Efficiency VC Funding" width="2702" height="811" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2.png 2702w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2-300x90.png 300w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2-1024x307.png 1024w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2-768x231.png 768w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2-1536x461.png 1536w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2-2048x615.png 2048w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2-650x195.png 650w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2-624x187.png 624w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture1-2-600x180.png 600w" sizes="(max-width: 2702px) 100vw, 2702px" /></a>
The report revealed that despite the ongoing COVID-19 crisis, total corporate funding for the battery storage, smart grid, and energy efficiency sectors in the first nine months (9M 2020) stood at $4.7 billion. This was a 75% increase from the same period last year, which saw $2.7 billion in funding.
Battery Storage: 
Corporate funding for battery storage companies in 9M 2020 was up 62% from the same period last year. Companies raised $3.5 billion through 35 deals, compared to $2.2 billion raised through 32 deals previously. Corporate funding raised during Q3 2020 stood at $2.8 billion through 16 deals. This was an increase from the previous quarter’s $472 million raised through 10 deals.
On the other hand, Venture Capital (VC) funding during Q3 2020 was up 78% at $661 million raised through seven deals from the $372 million raised from eight deals in the previous quarter. The report cited Northvolt’s $600 million equity raise as the primary reason for the jump.
In 9M 2020, funding was down 25% at $1.2 billion raised through 21 deals compared with the $1.6 billion through 25 deals in the same period last year.
<a href="https://mercomindia.com/wp-content/uploads/2020/10/Picture6.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22191" src="https://mercomindia.com/wp-content/uploads/2020/10/Picture6.png" alt="Battery Storage VC Funding" width="358" height="273" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture6.png 358w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture6-300x229.png 300w" sizes="(max-width: 358px) 100vw, 358px" /></a>
The report said that the top five VC funding deals in 9M 2020 included $600 million raised by Northvolt, $200 million raised by QuantumScape, $100 million raised by QuantumScape, $71 million by Demand Power Group, and $46 million by Highview Power. In all, 28 VC investors participated in battery storage funding in Q3 2020, the report added.
Battery storage technology companies also raised $2.1 billion in debt and public market financing during Q3 2020. In 9M 2020, companies raised $2.3 billion through 14 deals.
Q3 2020 also saw three mergers and acquisition (M&amp;A) transactions in the sector, down from four each in the previous quarter and the same quarter last year. There were 11 M&amp;A transactions in 9M 2020.
There were four project M&amp;A transactions in the third quarter of 2020, up from four in the previous quarter and the same quarter last year. In 9M 2020, there were 15 transactions – up from eight in 9M 2019.
Smart Grid: 
Smart Grid VC funding stood at $368 million raised through 11 deals in Q3 2020, compared to the previous quarter’s $194 million through 14 deals. This was much higher compared to the meager $39 million raised through six deals in Q3 2019. 9M 2020 witnessed a 231% climb to $643 million raised through 32 deals from $194 million raised through 28 deals.
The five largest smart grid VC funding deals in 9M 2020 included $127 million raised by ChargePoint, $125 million by Star Charge, $60 million raised by SmartRent, $53 million by Probus Smart Things, and $43 million by Smart Wires.
<a href="https://mercomindia.com/wp-content/uploads/2020/10/Picture4-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22193" src="https://mercomindia.com/wp-content/uploads/2020/10/Picture4-1.png" alt="SG VC Funding" width="380" height="290" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture4-1.png 380w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture4-1-300x229.png 300w" sizes="(max-width: 380px) 100vw, 380px" /></a>
In 9M 2020, announced debt and public market financing for Smart Grid companies stood at $10 million raised through three deals compared to $45 million raised from two deals in 9M 2019.
There were 12 smart grid M&amp;A transactions in Q3 2020 compared to one in Q2 2020 and five in Q3 2019. In the first nine months of 2020, there were 18 transactions, compared to 23 in 9M 2019.
Energy Efficiency: 
Energy Efficiency technology companies raised about $48 million through four deals in Q3 2020 compared to $40 million from four deals in the previous quarter and $61 million from three deals in Q3 2019.
9M 2020 saw $95 million raised through 11 deals, down from $268 million from eight deals in the same period last year.
The top VC funding deals in 9M 2020 included $29 million raised by Palmetto, $18 million by Juganu, $12 million by BrainBox AI, $12 million raised by Virtual Power Systems, and $10 million by SmartAC.com.
Announced debt and public market financing in 9M 2020 stood at $500 million from one deal, up from $56 million raised in two deals in the same period last year.
In terms of M&amp;A transactions involving energy efficiency companies, there were three deals in Q3 2020 compared to none in the previous quarter and one in the same quarter last year. In 9M 2020, there were four such M&amp;A transactions, down from nine in the same period last year.
<a href="https://mercomindia.com/wp-content/uploads/2020/10/Picture5.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22194" src="https://mercomindia.com/wp-content/uploads/2020/10/Picture5.png" alt="Battery Efficiency and SG Top M&amp;A Transactions" width="668" height="308" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture5.png 668w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture5-300x138.png 300w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture5-650x300.png 650w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture5-624x288.png 624w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Picture5-600x277.png 600w" sizes="(max-width: 668px) 100vw, 668px" /></a>
There were three VC funding deals involving Indian companies. On the battery storage front, Grinntech, a startup that develops and manufactures lithium-ion batteries for electric vehicles, <a href="https://mercomindia.com/funding-ma-lithium-ion-battery-maker-grinntech/" target="_blank" rel="noopener noreferrer">raised</a> $2 million from four investors.
Meanwhile, on the smart grid segment, early-stage VC fund house Unicorn India Ventures <a href="https://mercomindia.com/funding-ma-roundup-chargepoint-first-solar/" target="_blank" rel="noopener noreferrer">announced</a> a $53.4 million investment in Probus Smart Things, a smart grid automation startup. Separately, Inflection Point Ventures, an active angel platform, <a href="https://mercomindia.com/china-three-gorges-acquires/" target="_blank" rel="noopener noreferrer">invested</a> an undisclosed amount in Eden Smart Homes, an IoT (internet of things) startup.
In July, Mercom <a href="https://mercomindia.com/battery-energy-storage-funding-1h-2020/" target="_blank" rel="noopener noreferrer">reported</a> that global VC funding for battery storage, smart grid, and efficiency companies in the first half of 2020 was down 51% at $858 million from $1.8 billion in 1H 2019.
Recently, a joint study by the European Patent Office and the International Energy Agency <a href="https://mercomindia.com/large-consumer-electronics-players/" target="_blank" rel="noopener noreferrer">showed</a> that Asian consumer electronics players and carmakers are driving research and development in the battery and energy storage arena.
Image credit: Ysc usc, CC BY (<a href="https://upload.wikimedia.org/wikipedia/commons/e/e4/World%E2%80%99s_1st_Low-Emission_Hybrid_Battery_Storage%2C_Gas_Turbine_Peaker_System.jpg" target="_blank" rel="noopener noreferrer">4.0</a>)

VC funding for Battery Energy Storage Companies Was up 78% With $661 Million in Q3

Mercom Capital Group&#8217;s latest 9M and Q3 2020 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/9m-q3-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">Report</a> showed that total corporate funding – including venture capital (VC) funding, public market, and debt financing jumped 43% during the third quarter of 2020 to $3.2 billion (₹234.2 billion) from $2.3 billion (₹169.3 billion) in the previous quarter.
The 95-page report covered 309 companies and investors from around the world. It finds that despite disruptions due to the COVID-19 crisis, project acquisition activity was up 52% in the first nine months of 2020 (9M 2020), with about 24.3 GW of solar projects acquired. Last year, only 16 GW of projects were acquired in the same period.
Project acquisitions in Q3 2020 were a staggering 244% higher at 9.5 GW compared to just 2.8 GW in Q2 2020. Compared to the same quarter last year with 4.4 GW of acquisitions, activity was up 119%.
The report also showed that corporate funding during the quarter was up 8% year-over-year (YoY) but was down 13% overall during the first nine months of the year with $7.9 billion (~₹578.1 billion) compared to $9 billion (~₹658.6 billion) in the same period last year.
<a href="https://mercomindia.com/wp-content/uploads/2020/10/Solar-Corporate-Funding-Q3-2019-Q3-2020.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22017" src="https://mercomindia.com/wp-content/uploads/2020/10/Solar-Corporate-Funding-Q3-2019-Q3-2020.png" alt="Solar Corporate Funding Q3 2019-Q3 2020" width="352" height="279" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/10/Solar-Corporate-Funding-Q3-2019-Q3-2020.png 352w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Solar-Corporate-Funding-Q3-2019-Q3-2020-300x238.png 300w" sizes="(max-width: 352px) 100vw, 352px" /></a>
<blockquote>&#8220;After declining in Q2, financing activity was up across the board, whether it was VC, private equity, public market, or debt financing, a clear sign the market is bouncing back after a prolonged shutdown. Transactions in the works that could not make progress in Q1 and Q2 were getting closed in Q3, resulting in a funding surge. Project acquisition activity – an important indicator of the financial health in the solar sector, bounced back strongly in Q3,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.
&#8220;Solar stocks are on an incredible run so far this year. Of the 24 solar stocks Mercom tracks globally, 12 were up over 100% at the end of Q3 – an unprecedented number,&#8221; Prabhu added.</blockquote>
According to the report, global venture capital funding also increased in Q3 2020, with about $183 million (₹13.4 billion) secured through 15 deals. This represented a 182% spike from the previous quarter, which saw $65 million (~₹4.8 billion) across just five deals. However, compared to Q3 2019, funding was 12% lower from $208 million (~₹15.2 billion) raised through 11 deals.
Meanwhile, the solar sector saw a 61% decline in venture capital, with only about $394 million (~₹29.8) raised in the first nine months of 2020. Venture capital funding in 9M 2019 stood at $1 billion (~₹73.2 billion).
Some of the top VC deals in 9M 2020 included $72 million in funding raised by Sunseap Group, $50 million (~₹3.7 billion) raised by Zero Mass Water, $40 million (~₹2.9 billion) by Ecoppia, $37 million (~₹2.7 billion) raised by the Sunseap Group in another deal, and $35 million (~₹2.6 billion) raised by Lumos.
Public market financing accounted for $1.3 billion (~₹95.1 billion) to the solar sector through four deals in Q3 2020. This was 75% higher than the $737 million (~₹53.9 billion) raised in five deals in Q2 2020. Compared to the same quarter last year, public market financing was only up about 2%.
Debt financing stood at about $1.8 billion (~₹131.7 billion) raised through 16 deals – 20% higher than the $1.5 billion (~₹109.7 billion) raised from nine deals in the previous quarter. Compared to the Q3 2019, debt financing was up 16%, the report said. It added that solar debt financing in the first nine months of 2020 stood at $5.4 billion (~₹395.2 billion) raised through 32 deals, 6% lower than 9M 2019.
In terms of solar securitization deals, the report said that about $1.6 billion (~₹117.1 billion) was raised in 9M 2020. It noted that three residential and commercial solar funds announced in Q3 2020 reeled in about $400 million (~₹29.3 billion).
There were 42 corporate mergers and acquisition (M&amp;A) transactions that were announced in 9M 2020. Only 11 of these had disclosed their deal values, which totaled $7 billion (~₹512.2 billion). In 9M 2019, there were 57 transactions. The value of the ten disclosed deals from these cumulatively totaled $600 million (~₹43.9 billion). Seventeen solar M&amp;A transactions were executed in Q3 2020. This included $6.8 billion (~₹497.6 billion) from five disclosed deals. Sunrun executed the largest transaction in 9M 2020 worth about $3.2 billion (~₹234.2 billion) in an all-stock transaction.
Project acquisition activity was up 52% in 9M 2020, with 24.3 GW of solar projects acquired, compared to 16 GW acquired in the same period last year.
It said that investment firms were the most active project acquirers in Q3 2020, picking up about 4.2 GW of projects. Project developers and independent power producers stood second in terms of acquisition activity and picked up 3.8 GW of projects during the quarter.
Utilities (distribution companies) acquired 912 MW of projects, oil and gas majors picked up 514 MW, while yield companies and other companies bought 86 MW.
<a href="https://mercomindia.com/wp-content/uploads/2020/10/Solar-Project-Acquirer-Mix-9M-2020.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-22018" src="https://mercomindia.com/wp-content/uploads/2020/10/Solar-Project-Acquirer-Mix-9M-2020.png" alt="Solar Project Acquirer Mix (%) 9M 2020" width="401" height="327" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/10/Solar-Project-Acquirer-Mix-9M-2020.png 401w, https://cms.mercomindia.com/wp-content/uploads/2020/10/Solar-Project-Acquirer-Mix-9M-2020-300x245.png 300w" sizes="(max-width: 401px) 100vw, 401px" /></a>
The report concluded that solar projects continued to remain attractive investments. For the latest funding and M&amp;A related news, check Mercom&#8217;s daily roundup <a href="https://mercomindia.com/funding-and-ma-roundup-lithium-ion/" target="_blank" rel="noopener noreferrer">here</a>.
In July, Mercom&#8217;s report <a href="https://mercomindia.com/corporate-funding-solar-slid-globally/" target="_blank" rel="noopener noreferrer">showed</a> that total corporate funding dipped 25% to $4.5 billion (~₹336.09 billion) in the first half of 2020 from $6 billion (~₹448.13 billion) in the same period last year.
&nbsp;
Image credit: Unsplash

Solar Project Acquisition Activity Up 52% YoY in First Nine Months of 2020

Total corporate funding – including venture capital (VC) funding, public market, and debt financing – dipped 25% to $4.5 billion (~₹336.09 billion) in the first half of 2020 (1H 2020) from $6 billion (~₹448.13 billion) in the same period last year. The findings were revealed in Mercom Capital Group’s recently released <a href="https://mercomcapital.com/product/1h-q2-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">1H and Q2 2020 Solar Funding and M&amp;A Report</a>.
The report explained that even though there was a considerable fall in funding activity, things were not as bad as it could have been given the ongoing coronavirus crisis, which has put the global economy in turmoil. The report covered 203 companies and investors from around the world.
<a href="https://mercomindia.com/wp-content/uploads/2020/07/Solar-Corporate-Funding-1H-2016-1H-2020.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-20163" src="https://mercomindia.com/wp-content/uploads/2020/07/Solar-Corporate-Funding-1H-2016-1H-2020.png" alt="Solar Corporate Funding 1H 2016-1H 2020" width="351" height="281" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/07/Solar-Corporate-Funding-1H-2016-1H-2020.png 351w, https://cms.mercomindia.com/wp-content/uploads/2020/07/Solar-Corporate-Funding-1H-2016-1H-2020-300x240.png 300w" sizes="(max-width: 351px) 100vw, 351px" /></a>
“Financial activity in the first half of the year reflects the realities on the ground. Even though solar stocks have performed well, and corporate funding in Q2 looked slightly better because of several securitization deals, global economies and solar activity are still far from being back to where they should be. Project acquisition activity, typically a sign of health in the sector, declined significantly in Q2,” said Raj Prabhu, CEO of Mercom Capital Group.
“In all, it could have been worse considering the severity of the crisis,” Prabhu added.
In the first half of 2020, global venture capital funding – including venture capital, private equity (PE), and corporate venture capital – in the solar sector tumbled to $210 million (~₹15.68 billion), down about 74% from ₹799 million (~₹59.68 billion) in the same period in 2019. A total of 23 venture capital investors participated in solar funding in 1H 2020.
Some of the top VC/PE deals in 1H 2020 included $72 million (~$5.38 billion) raised by Sunseap Group, $50 million (~₹3.73 billion) raised by Zero Mass Water, $37 million (~₹2.76 billion) raised by Sunseap Group in a second deal, and $21 million (~₹1.57 billion) raised by Today’s Power.
<a href="https://mercomindia.com/wp-content/uploads/2020/07/Solar-Top-Announced-Large-Scale-Projects-Funded-by-Dollar-Amount-in-Q2-2020-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-20177" src="https://mercomindia.com/wp-content/uploads/2020/07/Solar-Top-Announced-Large-Scale-Projects-Funded-by-Dollar-Amount-in-Q2-2020-1.png" alt="Solar Top Announced Large-Scale Projects Funded by Dollar Amount in Q2 2020" width="584" height="325" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/07/Solar-Top-Announced-Large-Scale-Projects-Funded-by-Dollar-Amount-in-Q2-2020-1.png 584w, https://cms.mercomindia.com/wp-content/uploads/2020/07/Solar-Top-Announced-Large-Scale-Projects-Funded-by-Dollar-Amount-in-Q2-2020-1-300x167.png 300w" sizes="(max-width: 584px) 100vw, 584px" /></a>
1H 2020 also saw four solar securitization deals totaling $1.06 billion (~₹79.17 billion), bringing up cumulative securitization deals to $6.3 billion (~₹470.53 billion) since 2013.
Debt financing activity stood at around $3.6 billion (~₹268.88 billion) through 15 different deals in the first half of 2020. This was 16% lower than the first half of 2019, which saw $4.2 billion (~₹313.69 billion) raised through 27 deals.
The report also showed that during 1H 2020, there were 25 mergers and acquisition (M&amp;A) deals, down from 37 in 1H 2019. The biggest of these was the $100 million (~₹7.47 billion) divestment of Brookfield Renewable Partners’ Thailand-based solar energy business, which was sold to PTT Public Company’s power and energy arm, Global Power Synergy Public Company.
During the quarter, however, there were 13 M&amp;A transactions, a marginal improvement from the previous quarter’s 12, but still lower than the same period last years, which saw 19. Of the 13 transactions in Q2 2020, 11 involved Solar Downstream companies.
<a href="https://mercomindia.com/wp-content/uploads/2020/07/Solar-Project-Acquirer-Mix1H-2020.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-20183" src="https://mercomindia.com/wp-content/uploads/2020/07/Solar-Project-Acquirer-Mix1H-2020.png" alt="Solar Project Acquirer Mix1H 2020" width="408" height="333" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/07/Solar-Project-Acquirer-Mix1H-2020.png 408w, https://cms.mercomindia.com/wp-content/uploads/2020/07/Solar-Project-Acquirer-Mix1H-2020-300x245.png 300w" sizes="(max-width: 408px) 100vw, 408px" /></a>
On the bright side, the report showed that solar project acquisition was up. A total of 14.7 GW of projects were acquired, compared to 11.6 GW in the same period last year. Of these, only 3 GW were acquired in Q2 2020 compared to 5.7 GW in Q2 2019. Oil and gas companies accounted for about 6.5 GW or 45% of these acquisitions during the half, followed by investment firms with 6.1 GW or 41% of acquisitions.
In April, Mercom Capital Group’s data <a href="https://mercomindia.com/coronavirus-corporate-funding-solar-dropped/" target="_blank" rel="noopener noreferrer">showed</a> that total corporate funding in the solar sector plummeted by 31% to $1.9 billion (~₹143.4 billion) in Q1 2020 as compared to $2.8 billion (~₹211.35 billion) raised in Q1 of 2019. Total corporate funding stood at $2.7 billion (~₹203.79 billion) in Q4 2019. The report attributed this downturn in funding activity to lower venture capital, and public market financing as the COVID-19 pandemic has affected people and industries across the globe.
In January this year, Mercom <a href="https://mercomindia.com/corporate-funding-jumps-solar-globally/" target="_blank" rel="noopener noreferrer">reported</a> that funding activity in the solar sector increased by 20% in 2019, reaching $11.7 billion (~₹883.13 billion) in 117 deals, up from $9.7 billion (~₹732.17 billion) in 139 deals in 2018. The increase in corporate funding was mainly due to substantial debt financing activity in the first and last quarters of 2019 compared to 2018.
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Corporate Funding for Solar Slid Globally in 1H 2020 But, It Could Have Been Worse

Tech giant Google has signed a long-term agreement to buy solar power from a 10 MW solar array, which is a part of a larger solar farm located in Tainan City.
This will be Google’s first purchase of renewable energy in Asia. According to the company’s statement, it is the world’s largest corporate purchaser of renewable energy and has signed with more than 30 solar and wind projects across the Americas and Europe to date.
Recently, Taiwanese government amended its Electricity Act to allow non-utility companies to directly buy renewable energy to reduce their carbon footprint.
The solar project, having 40,000 solar panels, is located 100 kilometers south of Google’s Changhua county data center.
“For Google, the solar purchase agreement provides a long-term and fixed electricity price to support our operations in Taiwan; it will also boost the carbon-free profile of our local data center”, the company statement said.
<a href="https://mercomindia.com/google-green-energy-plans-denmark/" target="_blank" rel="noopener">Earlier</a>, Mercom reported on Google’s announcement to invest 4.5 billion Danish crowns ($690 million) in building a renewable powered data center in Fredericia, located in western Denmark.
Apart from Google, a host of other multinationals have begun utilizing renewable energy sources to meet their electricity requirements in a sustainable manner.
<a href="https://mercomindia.com/facebook-100-percent-renewables-2022/" target="_blank" rel="noopener">In August 2018,</a> Facebook released a statement that it will power all its facilities, including office and data centers, with 100 percent clean and renewable energy by 2020.
<a href="https://mercomindia.com/walmart-india-rooftop-solar-1-stores/" target="_blank" rel="noopener">In July 2018</a>, <a href="http://www.wal-martindia.in/" target="_blank" rel="noopener">Walmart India</a>, a wholly owned subsidiary of Walmart Inc, said it is planning to incorporate sustainable sources such as solar energy, water harvesting, and recycling to run its stores in the country.
<a href="https://mercomindia.com/infosys-electricity-43-percent-renewable-energy/" target="_blank" rel="noopener">June 2018, </a><a href="https://www.infosys.com/" target="_blank" rel="noopener">Infosys</a>, India’s software multinational giant, had announced that it has developed a total capacity of 46.1 MW of rooftop and ground-mounted solar projects across the country.
<a href="https://mercomindia.com/microsoft-solar-deal-bengaluru/" target="_blank" rel="noopener">In March 2018</a>, <a href="https://www.microsoft.com/en-in/" target="_blank" rel="noopener">Microsoft</a> announced the completion of its first renewable energy deal in India. Under the agreement, the company said it would purchase 3 MW of solar-power from Atria Power for its new office building in Karnataka’s capital city, Bengaluru. It will meet 80 percent of the projected electricity needs through this energy purchase.
All these companies are a member <a href="http://there100.org/" target="_blank" rel="noopener">of RE100</a>, a global <a href="https://mercomindia.com/re100-report-member-countries-renewables/" target="_blank" rel="noopener">initiative by companies</a> committed to use 100 percent renewable energy.
<a href="https://mercomindia.com/amazon-india-rooftop-solar-seven-facilities/" target="_blank" rel="noopener">In June 2018</a>, Mercom reported that <a href="https://www.amazon.in/" target="_blank" rel="noopener">Amazon India</a>, a global e-commerce giant, announced that it was going to set up 8,000 kW of rooftop solar installations at its fulfilment centers and sorting facilities across the country. This initiative in India is a part of Amazon’s global vision to power 50 of its fulfilment and sorting centers with solar energy by the end of 2020. It has already installed 1,600 kW of solar panels at its centers in Delhi and Hyderabad.

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