Global Solar Sector Funding Falls 24% to $26.3 Billion: Report

23 Jan 2025 CW Team

“2024 was a year of uncertainties for the solar industry, with inflation, high interest rates, trade disputes, and policy ambiguity contributing to declines in funding and M&A activity,” said Raj Prabhu, CEO, Mercom Capital Group.

Global VC and private equity funding for the solar sector totaled $4.5 billion in 60 deals, a 36% decline from $7 billion in 70 deals in 2023. Of this, $3.9 billion (87%) was directed toward Solar Downstream companies, while Solar PV companies raised $401 million, BOS companies raised $117 million, Thin Film companies raised $33 million, CSP companies raised $22 million, and Service Providers raised $1 million.

The top VC-funded companies in 2024 included Pine Gate Renewables ($650 million), Nexamp ($520 million), BrightNight ($440 million), Doral Renewables ($400 million), and MN8 Energy ($325 million).

Public market financing dropped 59% to $3 billion in 2024, compared to $7.4 billion in 2023. Nine companies went public in 2024, raising $1.3 billion, compared to seven companies raising $2.1 billion in 2023.

Debt financing decreased 6% to $18.8 billion in 2024, with securitization deals contributing a record $5 billion across 16 transactions.

M&A activity fell 15% to 82 transactions in 2024, compared to 96 in 2023. The largest transaction involved Brookfield Asset Management acquiring a 53.12% stake in Neoen for $6.54 billion. Solar Downstream companies led M&A activity, acquiring 66 companies, followed by Manufacturers with six acquisitions, and Service Providers and BOS companies with five each.

Large-scale solar project acquisitions fell to 217 in 2024 from 231 in 2023, with acquired capacity dropping 17% to 37.7 GW. Project Developers and IPPs accounted for 38% of acquisitions, followed by Investment Firms and Infrastructure Funds at 35%, and Utilities, Oil and Gas, and Installers at 14%.

Total corporate funding in the global solar sector, including venture capital (VC), public market, and debt financing, dropped 24% year-on-year to $26.3 billion in 2024, according to a report by Mercom Capital Group. The funding was raised across 157 deals, compared to $34.4 billion from 161 deals in 2023. “2024 was a year of uncertainties for the solar industry, with inflation, high interest rates, trade disputes, and policy ambiguity contributing to declines in funding and M&A activity,” said Raj Prabhu, CEO, Mercom Capital Group. Global VC and private equity funding for the solar sector totaled $4.5 billion in 60 deals, a 36% decline from $7 billion in 70 deals in 2023. Of this, $3.9 billion (87%) was directed toward Solar Downstream companies, while Solar PV companies raised $401 million, BOS companies raised $117 million, Thin Film companies raised $33 million, CSP companies raised $22 million, and Service Providers raised $1 million. The top VC-funded companies in 2024 included Pine Gate Renewables ($650 million), Nexamp ($520 million), BrightNight ($440 million), Doral Renewables ($400 million), and MN8 Energy ($325 million). Public market financing dropped 59% to $3 billion in 2024, compared to $7.4 billion in 2023. Nine companies went public in 2024, raising $1.3 billion, compared to seven companies raising $2.1 billion in 2023. Debt financing decreased 6% to $18.8 billion in 2024, with securitization deals contributing a record $5 billion across 16 transactions. M&A activity fell 15% to 82 transactions in 2024, compared to 96 in 2023. The largest transaction involved Brookfield Asset Management acquiring a 53.12% stake in Neoen for $6.54 billion. Solar Downstream companies led M&A activity, acquiring 66 companies, followed by Manufacturers with six acquisitions, and Service Providers and BOS companies with five each. Large-scale solar project acquisitions fell to 217 in 2024 from 231 in 2023, with acquired capacity dropping 17% to 37.7 GW. Project Developers and IPPs accounted for 38% of acquisitions, followed by Investment Firms and Infrastructure Funds at 35%, and Utilities, Oil and Gas, and Installers at 14%.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..