Total corporate funding in India’s solar energy sector dropped 76 per cent to USD 462 million (about Rs 3,474 crore) in the first half of 2020, a report said. Corporate funding includes venture capital funding, public market, and debt financing.
As per the report by Mercom Capital Group, a global clean energy communications and consulting firm, total worldwide corporate funding in the solar sector during January-June 2020 stood at USD 4.5 billion, down 25 per cent from USD 6 billion in the corresponding period of the previous year.
Corporate funding in India in H1 2020 was USD 462 million, a 76 per cent fall compared to USD 1.9 billion during January-June 2019, it said.
“Financial activity in the first half of the year reflects the realities on the ground. Even though solar stocks have performed well, and corporate funding in Q2 looked slightly better because of several securitization deals, global economies and solar activity are still far from being back to where they should be.
“Project acquisition activity, typically a sign of health in the sector, declined significantly in Q2,” said Raj Prabhu, CEO of Mercom Capital Group.