Corporate solar funding will reach $28.9 billion in 9 months of 2023

19 Oct 2023 CW Team

Including debt financing, public market funding, and venture capital (VC) investments, the total global corporate funding in the solar sector during the first nine months (9M) of 2023 was $28.9 billion, up 55% YoY from $18.7 billion.

The figures were made public in the most recent 9M and Q3 2023 Solar Funding and M&A Report by Mercom Capital Group.

The number of agreements decreased by 5% YoY in spite of the spike in funding amounts. Compared to 131 deals during the same period in 2022, 124 agreements were announced during 9M 2023. In 9M 2023, there was a 4% YoY increase in worldwide venture capital funding activity, as per the study. Comparing this time to 9M 2022, when $5.5 billion was raised across 72 agreements, the data shows that a total of $5.7 billion was invested over 51 projects.

When it came to drawing venture capital investments, the downstream solar companies ruled the market. These corporations closed 28 deals between January and September for a total of $3.8 billion.

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