Mercom Reports Solar Companies Raised $34.3B in 2023 Corporate Funding 

Attribution: Jeffrey Beall. Mercom Capital Group’s yearly analysis of the solar sector’s financing and merger and acquisition trends revealed that overall corporate finance, encompassing venture capital, public market offerings, and debt financing, saw a 42% increase from the previous year in 2023. The study also notes that companies in the solar sector secured $34.3 billion through 160 transactions, an increase from $24.1 billion raised from 175 transactions the year before. In 2023, approximately 45.4 gigawatts of major projects were purchased, with project developers and independent power producers (IPPs) accounting for 35% of these acquisitions. Raj Prabhu, CEO of Mercom Capital Group, notes that investment in solar surpasses anticipations, with investment companies making up 23% of purchases, while utilities accounted for 17%. Even with steep interest rates and tough market environments, the financial support for companies in the industry reached its peak in ten years. Debt financing reached its highest level in ten years, while venture capital investments and funding from public markets saw their second-largest totals since 2010. The global emphasis on energy security, along with the impetus from the Inflation Reduction Act and supportive policies across the world, is continually drawing substantial investments into the solar industry.