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					</table><p>Total corporate funding, including venture capital funding, public market, and debt financing, for the solar sector in the first nine months (9M) 2022 stood at $18.7 billion, 18% lower than the $22.8 billion raised in 9M 2021, according to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2022 Solar Funding and M&amp;A Report</a>.</p>
<p>The number of deals increased 17% year-over-year, with 131 deals in 9M 2022 <a href="https://mercomindia.com/corporate-funding-solar-9m-2021/" target="_blank" rel="noopener">compared</a> to 112 in 9M 2021.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/10/Solar-corporate-funding.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-43068" src="https://mercomindia.com/wp-content/uploads/2022/10/Solar-corporate-funding.png" alt="Solar corporate funding" width="600" height="472" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding.png 1167w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-300x236.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-768x604.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-650x511.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-624x491.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-corporate-funding-600x472.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></a></p>
<p>“Corporate funding in 9M 2022 is behind pace year-over-year, impacted by inflation and high-interest rates but is still ahead compared to the previous six years. There is renewed momentum after the passing of the Inflation Reduction Act. We have seen a resurgence in VC and private equity funding, breaking funding records since 2010. There is no longer any doubt about the growth potential of the solar industry – it is now a race to acquire the right technology and portfolios to scale,” said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p>In 9M 2022, venture capital (VC) funding activity rose 150%, with $5.5 billion in 72 deals compared to the $2.2 billion raised in 39 deals in 9M 2021.</p>
<p>The top VC deals in 9M 2022 were: $750 million <a href="https://mercomindia.com/funding-and-ma-roundup-solar-developer-intersect-funding/" target="_blank" rel="noopener">raised</a> by Intersect Power, $500 million raised by Longroad Energy, $375 million raised by Palmetto, $360 million by Gokin Solar, $350 million raised by Agilitas Energy, and $260 million raised by Sun King.</p>
<p>Announced solar debt financing activity in 9M 2022 totaled $8.3 billion in 48 deals, 42% lower than 9M 2021 when $14.2 billion was raised in 50 deals.</p>
<p>Eight securitization deals were announced for $2.3 billion, a 28% decrease compared to $3.2 billion in 11 deals in 9M 2021. Over $13.4 billion has been raised through securitization deals since 2013.</p>
<p>There were 90 solar corporate M&amp;A transactions compared to 83 transactions in 9M 2021.</p>
<p>Project acquisition activity was robust, with 207 deals for 52 GW compared to 200 projects for 55.5 GW in the same period last year.</p>
<p>“There is no doubt left in the markets about the growth potential of the solar industry, and it is now a race to acquire the right technology and portfolios to scale,” added Prabhu.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-43073" src="https://mercomindia.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix.png" alt="Solar project acquirer mix" width="600" height="360" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix.png 1581w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-768x461.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-1536x922.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-650x390.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-624x375.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Solar-project-acquirer-mix-600x360.png 600w" sizes="(max-width: 600px) 100vw, 600px" /></a></p>
<p>Project developers and independent power producers were the most active acquirers of solar projects in Q3 2022, picking up 10.8 GW, followed by investment firms with 2.4 GW. Oil and gas companies acquired 345 MW of projects and installers 252 MW of projects. Electric utilities acquired 240 MW, while other companies acquired 180 MW.</p>
<p><strong>There are 227 companies and investors covered in this report. It is 100 pages long and contains 84 charts and tables.</strong> <strong>To learn more about the report, visit: </strong><a href="https://mercomcapital.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener"><strong>9M and Q3 2022 Solar Funding and M&amp;A Report &#8211; Mercom Capital Group</strong></a></p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Corporate Funding for Solar Down 18% YoY with $18.7 Billion in 9M 2022


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					</table><p>Total corporate funding, including venture capital funding, public market, and debt financing, for the solar sector in the first half (1H) 2022 stood at $12 billion, 11% lower than the $13.5 billion raised in 1H 2021.</p>
<p>The numbers were revealed by <a href="https://mercomcapital.com/" target="_blank" rel="noopener">Mercom Capital Group</a> in its recently released <a href="https://mercomcapital.com/product/1h-q2-2022-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2022 Solar Funding and M&amp;A Report</a>.</p>
<p>The number of deals increased 28% year-over-year, with 91 deals in 1H 2022 compared to 71 deals in 1H 2021.</p>
<p>&#8220;The current state of the economy—inflation, higher interest rates, supply chain issues—has started to impact fundraising in the solar sector. Even though the first half numbers held up, there was a pronounced slowdown from Q1 to Q2. Besides venture and private equity funding, all other areas experienced a decline in financing activity. But the value of solar is more evident than ever to markets that are dependent on energy imports. Clean energy installation goals are being ramped up around the world, and solar is a long-term beneficiary of this trend,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-38089" src="https://mercomindia.com/wp-content/uploads/2022/07/Solar-Corporate-Funding-1H-2018-1H-2022.png" alt="Solar Corporate Funding 1H 2018-1H 2022" width="399" height="318" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Corporate-Funding-1H-2018-1H-2022.png 399w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Corporate-Funding-1H-2018-1H-2022-300x239.png 300w" sizes="(max-width: 399px) 100vw, 399px" /></p>
<p>In 1H 2022, venture capital (VC) funding activity rose 125% with $3.7 billion in 53 deals compared to the $1.6 billion raised in 26 deals in the first half of 2021. Of the $3.7 billion in VC funding raised, 89% ($3.3 billion) went to solar downstream companies in 39 deals.</p>
<p>The top VC deals in 1H 2022 were: $750 million <a href="https://mercomindia.com/funding-and-ma-roundup-solar-developer-intersect-funding/" target="_blank" rel="noopener">raised</a> by Intersect Power, $375 million raised by Palmetto, $350 million raised by Agilitas Energy, $260 million raised by Sun King, $251 million raised by Guangdong Gaojing Solar Energy Technology, and $237 million raised by Ignis.</p>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-38102" src="https://mercomindia.com/wp-content/uploads/2022/07/Solar-Top-VC-Funded-Companies.png" alt="Solar Top VC Funded Companies" width="504" height="436" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Top-VC-Funded-Companies.png 504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Top-VC-Funded-Companies-300x260.png 300w" sizes="(max-width: 504px) 100vw, 504px" /></p>
<p>A total of 145 VC investors participated in solar funding in 1H 2022.</p>
<p>Solar public market financing in 1H 2022 totaled $3.3 billion in eight deals, 10% lower than the $3.7 billion in 13 deals in 1H 2021.</p>
<p>Announced solar debt financing activity in 1H 2022 ($5 billion in 30 deals) was 39% lower compared to the first half of 2021 when $8.2 billion was raised in 32 deals.</p>
<p>In 1H 2022, five securitization deals totaled $1.4 billion, a 26% decrease compared to $1.9 billion raised in seven deals in 1H 2021. Over $12 billion has been raised through securitization deals since 2013.</p>
<p>In 1H 2022, there were 53 solar M&amp;A transactions compared to 54 transactions in 1H 2021. In 1H 2022, the top deal was by Macquarie Asset Management, a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, which agreed to <a href="https://mercomindia.com/macquarie-consortium-acquire-reden-solar/" target="_blank" rel="noopener">acquire</a> Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of $2.72 billion.</p>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-38103" src="https://mercomindia.com/wp-content/uploads/2022/07/Solar-Top-5-Corporate-MA-in-1H-2022.png" alt="Solar Top 5 Corporate M&amp;A in 1H 2022" width="444" height="471" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Top-5-Corporate-MA-in-1H-2022.png 444w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Top-5-Corporate-MA-in-1H-2022-283x300.png 283w" sizes="(max-width: 444px) 100vw, 444px" /></p>
<p>In 1H 2022, there were 148 project acquisitions for 38 GW of solar projects compared to 136 project acquisitions of 40 GW in 1H 2021.</p>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-38104" src="https://mercomindia.com/wp-content/uploads/2022/07/Solar-Project-Acquirer-Mix.png" alt="Solar Project Acquirer Mix" width="544" height="343" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Project-Acquirer-Mix.png 544w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/Solar-Project-Acquirer-Mix-300x189.png 300w" sizes="(max-width: 544px) 100vw, 544px" /></p>
<p>Project Developers and Independent Power Producers were the most active acquirers of solar projects in Q2 2022, picking up 4.1 GW, followed by Oil and Gas Majors with 4 GW. Electric Utilities acquired 3.4 GW of projects, and Investment Firms acquired 1.6 GW. Insurance, pension funds, energy trading companies, industrial conglomerates, and IT firms acquired a total of 1.2 GW.</p>
<p>The 100-page report contains funding and merger and acquisition activity for 391 companies and investors. It contains 84 charts, graphs, and tables.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a>
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Corporate Funding for Solar Sector Globally Hits the $12 Billion Mark in 1H 2022

<p>Mercom Capital Group has released a new <a href="https://mercomcapital.com/product/top-10-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener noreferrer">report</a> revealing the top 10 global large-scale solar PV developers.</p>
<p><a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener noreferrer">Adani Green Energy</a> was the top solar photovoltaics (PV) developer in the world based on its operational, under-construction, and awarded projects, according to the report.</p>
<p>According to the report, the Ahmedabad-headquartered company has a portfolio of 12.3 GW of solar projects under different stages of execution. Hong Kong&#8217;s GCL New Energy, with its 7.1 GW solar asset base, ranked second while Tokyo-based SB Energy was ranked third with 7 GW of solar projects.</p>
<p>Adani also had the largest portfolio of under construction and awarded capacity, with 10.1 GW of projects, while SB Energy ranked second with 3.4 GW of projects.</p>
<p>The report added that several other developers could have made it on the list based on the size of their portfolio, but an essential requirement for qualification expected companies to have projects in at least two different countries. Developers like NextEra Energy could not be added to the list as they were only operational in one country.</p>
<p>The report went on to show that the top ten large-scale solar developers accounted for 33 GW of operational solar projects globally. Here is a list of the top ten solar developers in the world as per Mercom Capital’s report:</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2020/09/Top-10-Global-Large-Scale-Solar-PV-Developers.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-21170" src="https://mercomindia.com/wp-content/uploads/2020/09/Top-10-Global-Large-Scale-Solar-PV-Developers.png" alt="Top 10 Global Large-Scale Solar PV Developers" width="384" height="405" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/09/Top-10-Global-Large-Scale-Solar-PV-Developers.png 384w, https://cms.mercomindia.com/wp-content/uploads/2020/09/Top-10-Global-Large-Scale-Solar-PV-Developers-284x300.png 284w" sizes="(max-width: 384px) 100vw, 384px" /></a></p>
<blockquote><p>&#8220;Top developers are expanding presence in mature markets in pursuit of policy certainty, steady returns, and lower risk. They are also chasing growth in emerging markets, trying to lay the groundwork and tap into the enormous future potential these regions represent, despite the risks and ultra-competitive auctions,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p></blockquote>
<p>For the top 10 global solar developers, the Asia-Pacific (APAC) region made up 52.4% of developers&#8217; capacity, followed by the Americas at 42.1% and Europe, the Middle East, and Africa (EMEA) at 5.5%.</p>
<p>In June, Mercom <a href="https://mercomindia.com/adani-green-worlds-largest-solar-bid/" target="_blank" rel="noopener noreferrer">reported</a> that Adani Green secured a bid to develop 8 GW of solar projects along with setting up a solar cell and module manufacturing capacity of 2 GW. This win, the largest in the world in a single bid, will entail a total investment of approximately $6 billion (₹452 billion).</p>
<p>Adani <a href="https://mercomindia.com/waaree-adani-risen-solar-modules/" target="_blank" rel="noopener noreferrer">ranked</a> among the top three suppliers of solar modules in India in terms of shipments in the calendar year 2019. These three manufacturers accounted for approximately 25% of the total market share. The findings were released in Mercom India Research&#8217;s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2020-market-shares-profiles/" target="_blank" rel="noopener noreferrer">India Solar Market Leaderboard 2020</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/nithin-prasad/" class="vcard author" rel="author"><span class="fn">Nithin Thomas Prasad</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft wp-image-9822" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Nithin-2-1.jpg" alt="" width="102" height="102" /><a href="https://mercomindia.com/author/nithin-prasad/" target="_blank" rel="noopener"><strong style="color: #00b451">Nithin Thomas</strong></a> is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor&#8217;s Degree in Commerce from Loyola College, Chennai. <a href="https://mercomindia.com/author/nithin-prasad/">More articles from Nithin.</a></p>
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Here are the Top Global Large-Scale Solar Developers in the World

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