Corporate funding in solar sector globally soars to $8 bn in 2020: Report

The global solar sector witnessed total corporate funding of $8.1 billion in 2020, registering a jump of 112 per cent over the previous year, according to Mercom Capital Group.

Total corporate funding, including venture capital funding, public market and debt financing, into the solar sector stood at USD 3.8 billion during 2019, the clean energy consulting firm said in a report.

"Total corporate funding including venture capital funding, public market, and debt financing for the battery storage, smart grid and energy efficiency sectors in 2020 was up by 112 per cent with USD 8.1 billion compared to USD 3.8 billion in 2019," the report said.

The total corporate funding in the battery storage sector was up 136 per cent with USD 6.6 billion in 54 deals in 2020. Smart grid companies raised USD 748 million in VC funding in 38 deals in 2020, a 149 per cent increase compared to the USD 300 million raised in 38 deals in 2019.

Total corporate funding, including debt and public market financing, reached USD 791 million in 2020 compared to USD 670 million in 2019. Mercom Capital Group is a global communications and research and consulting firm focused on cleantech.

It delivers market intelligence, and funding and merger and acquisition (M&A) reports covering battery storage, smart grid and energy efficiency, and solar, and advises companies on new market entry, custom market intelligence, and strategic decision-making.