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Global corporate funding in the solar sector reached a decade-high of $34.3 billion in 2023, marking a 42% increase, according to a report by Mercom Capital. The report, titled 'Mercom Annual and Q4 2023 Solar Funding,' highlights that the surge is attributed to favourable global policies and a focus on energy security. Despite high-interest rates and challenging market conditions, funding in 2023 is the highest in a decade, showcasing the continued attractiveness of solar investments. The total corporate funding includes venture capital (VC) funding, public market, and debt financing.
Debt financing also reached a decade high, while venture capital investments and public market financing recorded the second-highest amount since 2010. The global VC and private equity funding in the solar sector for 2023 stood at $6.9 billion, just 1% lower than the $7 billion raised in 2022. The report notes that there were 26 VC funding deals of $100 million or more in 2023.
In India, notable funding rounds included $43 million for Husk Power Systems, a solar microgrids operator, and $7 million for Freyr Energy, a rooftop installation company serving residential and micro, small, and medium enterprises (MSMEs).
Public market financing in 2023 totalled $7.4 billion, marking a 45% increase compared to the $5.1 billion in 2022. Announced debt financing reached $20 billion in 2023, a 67% surge compared to $12 billion in 2022 and the highest amount raised since 2010. Notable debt financing included Husk Power Systems securing $60 million in debt from various finance institutions, including the European Investment Bank (EIB) and the International Finance Corporation (IFC) in India.
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