Corporate funding in global solar sector declines YoY, but Indian scenario promising: Mercom
Kolkata, Apr 22 (UNI) Total corporate funding in the global solar sector reached $ 4.8 billion across 39 deals in Q1 2025 — a 41 per cent decline year-over-year (YoY) compared to $ 8.2 billion raised through 42 deals in Q1 2024.
However, funding was up 20 per cent quarter-over-quarter (QoQ) from the $4 billion raised in 40 deals in Q4 2024, as per the latest report from Mercom Capital Group, a leading clean energy consulting firm
"The drop in funding this quarter reflects growing investor caution in response to policy reversals, tariff shocks, and regulatory uncertainties that have forced companies and investors to reassess their strategies. However, the fundamentals remain strong, and the long-term case for solar energy is intact. We need clarity and policy certainty to restore confidence in the markets. Despite headwinds in the broader funding environment, we did see an uptick in project M&A in Q1," said Raj Prabhu, CEO of Mercom Capital Group.
Global VC funding for the solar sector in Q1 2025 came to $1.4 billion in 14 deals, a 237 per cent increase YoY compared to $406 million raised in 13 deals in Q1 2024. Funding increased 40 per cent QoQ compared to the $1 billion raised in 21 deals in Q4 2024.
Overall funding scenario in the solar sector also looks promising, when it comes to India. Funding deals in India included VC Funding, Public market funding, Debt Funding, M&A, Project M&A. In this period, AMPIN Energy Transition secured a $50 million equity investment from Siemens Financial Services, Amrut Energy secured Rs 1 billion (nearly $11.49 million) in funding from private equity investors, Solarium Green Energy raised Rs 105.04 crore (nearly $12 million) through its IPO.
When it comes to 'Debt Funding', BluPine Energy has secured Rs 17.87 billion (close to $210 million), JSW Energy has raised Rs 12 billion (nearly $137.70 million), SWELECT Group secured Rs 2.9 billion (~$33.39 million), Ecozen has raised over $23 million, Ecofy secured a $12.5 million, Credit Fair raised $5 million (nearly Rs 415 million) from the $75 million (close to Rs 6.22 billion) 'Green Basket Bond' issued by Symbiotics Investments.
here have been M&A deals of decent size as well. ONGC NTPC Green (ONGPL), for instance, has signed a share purchase agreement to acquire a 100 per cent equity stake in utility-scale renewable energy platform Ayana Renewable Power for Rs 195 billion (nearly $2.3 billion). Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to acquire 100 per cent of the share capital of Enel Green Power India for Rs 7.92 billion (nearly $91.73 million).
Besides, Brookfield Asset Management announced the sale of 1.6 GW portfolio of solar and wind assets in India to Gentari Renewables India for an undisclosed amount, Actis has acquired a 100 per cent stake in Stride Cmate Investments from a fund managed by Macquarie Asset Management. UNI XC SSP
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