RENEWABLE ENERGY

Corporate funding for solar sector in H12021 surges to $13.5 billion

Total corporate funding, including venture capital funding, public market, and debt financing, in first half (H1) of 2021 was at $13.5 billion compared to $4.6 billion in H1 2020, a 193 per cent year-on-year (YoY) increase, according to a report by Mercom Capital Group.

“Corporate M&A activity was up significantly with solar developers expanding their pipelines, oil and gas companies diversifying into renewables, and funds buying up renewable assets. Solar project acquisitions reached a record high in Q2,” said Raj Prabhu, CEO of Mercom Capital Group.

In H1 2021, VC funding was 680 per cent higher, with $1.6 billion raised in 26 deals compared to the $210 million that went into 14 deals in the first half of 2020. This includes Loanpal’s $800 million deal in the first quarter of 2021.

The top VC deals in H1 2021 include $800 million by Loanpal, $250 million by Aurora Solar, $127 million by Intersect Power, $125 million by Fourth Partner Energy, and $108 million by Heliogen.

Source
The Hindu businessline
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