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					</table>The total global corporate solar funding dropped by 16% year-over-year (YoY) with $22.2 billion raised in 175 deals, compared to $26.3 billion in 157 deals in 2024, according to Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">2025 Annual and Q4 Solar Funding and M&amp;A Report</a>.
<img loading="lazy" decoding="async" class="aligncenter wp-image-89415 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding1-1.jpg" alt="" width="633" height="369" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding1-1.jpg 633w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding1-1-300x175.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding1-1-624x364.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding1-1-600x350.jpg 600w" sizes="auto, (max-width: 633px) 100vw, 633px" />
“Since the Trump administration took office in Q1 2025, the U.S. clean energy sector has operated under continued uncertainty. The announcement of the One Big Beautiful Bill in Q2 added near-term disruption, but greater clarity began to emerge by Q3. Despite a decline in overall solar funding, more deals were signed in 2025 than in 2024, as investors shifted toward smaller, lower-risk transactions. Overall funding activity remained resilient, supported by sustained interest in solar driven by rising U.S. power demand, particularly from AI-driven data centers,” said Raj Prabhu, CEO of Mercom Capital Group.
Global venture capital (VC) and private equity funding in the solar sector totaled $3.5 billion across 75 deals in 2025, 22% lower than the $4.5 billion raised in 60 deals in the previous year.
There were eight VC funding deals of at least $100 million in 2025.
<img loading="lazy" decoding="async" class="aligncenter wp-image-89416 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding2.jpg" alt="" width="689" height="407" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding2.jpg 689w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding2-300x177.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding2-650x384.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding2-624x369.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding2-600x354.jpg 600w" sizes="auto, (max-width: 689px) 100vw, 689px" />
Of the $3.5 billion raised in VC funding in 75 deals in 2025, $2.7 billion (77%) went to solar downstream companies.
Solar companies raised $581 million; balance-of-system companies raised $99 million; thin-film companies raised $51 million; manufacturers raised $46 million; service providers raised $16 million; and concentrated solar power (CSP) companies raised $6 million.
<img loading="lazy" decoding="async" class="aligncenter wp-image-89417 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-1.jpg" alt="" width="837" height="671" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-1.jpg 837w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-1-300x241.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-1-768x616.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-1-650x521.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-1-624x500.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-1-600x481.jpg 600w" sizes="auto, (max-width: 837px) 100vw, 837px" />
The top VC-funded companies in 2025 were <a href="https://origisenergy.com/" target="_blank" rel="noopener">Origis Energy</a> ($1 billion), <a href="https://www.siliconranch.com/" target="_blank" rel="noopener">Silicon Ranch</a> ($500 million), <a href="https://solaralliance.eu/projects/holosolis/" target="_blank" rel="noopener">HoloSolis</a> ($255 million), <a href="https://goldisolar.com/" target="_blank" rel="noopener">Goldi Solar</a> ($161 million), and <a href="https://www.terabase.energy/" target="_blank" rel="noopener">Terabase Energy</a> ($130 million).
Public market financing in the solar sector in 2025 totaled $2.6 billion, 13% lower than the $3 billion raised in 2024. Nine companies went public in 2025, raising $926 million, compared to 2024, when 9 companies raised $1.3 billion.
In 2025, announced debt financing totaled $16.1 billion, 14% lower than $18.8 billion in 2024, and securitization deals totaled $3.4 billion across nine deals.
Mergers and Acquisitions (M&amp;A) activity was 17% higher YoY in 2025, with 96 corporate M&amp;A transactions, up from 82 in 2024.
The largest transaction was by Ares Management Corporation (<a href="https://www.aresmgmt.com/" target="_blank" rel="noopener">Ares</a>), which announced that Ares Alternative Credit funds (Ares Alternative Credit) and other affiliated Ares funds have completed the acquisition of a 20% stake in Plenitude for $2.3 billion at an implied enterprise value of over $13.8 billion.
Plenitude is a subsidiary of Eni Renewable Energy that develops, owns, and operates utility-scale solar projects, integrating solar generation with clean power retail and electric mobility solutions.
<img loading="lazy" decoding="async" class="aligncenter wp-image-89418 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-2.jpg" alt="" width="702" height="772" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-2.jpg 702w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-2-273x300.jpg 273w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-2-650x715.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-2-624x686.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solar-list-2-600x660.jpg 600w" sizes="auto, (max-width: 702px) 100vw, 702px" />
Prabhu noted that despite a decline in global corporate solar funding, M&amp;A activity increased and remained consistent throughout the year. “Even with lower funding levels across the solar sector, M&amp;A activity stayed strong as buyers were able to secure better deals at more attractive valuations. Delays in interconnection approvals further increased demand for assets at advanced stages of development or already under construction,” he said.
Solar downstream companies led corporate M&amp;A activity in 2025, acquiring 72 companies, followed by manufacturers with nine transactions and balance-of-system companies with five.
Equipment and service provider companies completed three M&amp;A transactions each, materials companies two, and solar and CSP companies completed one M&amp;A transaction each.
The number of large-scale solar project acquisitions in 2025 increased by 13% to 246 from 217 in 2024. The total acquired capacity dropped to 37.4 GW, a 1% decrease compared to 37.7 GW the previous year.
<img loading="lazy" decoding="async" class="aligncenter wp-image-89419 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding3-1.jpg" alt="" width="597" height="393" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding3-1.jpg 597w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/01/solarfunding3-1-300x197.jpg 300w" sizes="auto, (max-width: 597px) 100vw, 597px" />
Of the 37.4 GW of large-scale solar projects acquired in 2025, 52% were acquired by project developers and independent power producers.
Investment firms accounted for 24.5% of total large-scale project acquisitions, followed by others (energy trading companies, industrial conglomerates, energy cooperatives, mining, and IT firms) at 12.5% in 2025.
Utilities, oil and gas companies, installers, and manufacturers acquired the remaining 11% of large-scale projects.
Providing an outlook for 2026, Prabhu added that Project M&amp;A increasingly gravitated toward late-stage and operating assets. Grid constraints, long interconnection queues, and permitting delays increased the premium on assets with secured interconnection and permits. As a result, project M&amp;A remained one of the more resilient pockets of solar investment in 2025, even as other financing and corporate M&amp;A activity slowed.
Three hundred and ninety companies and investors are covered in this 161-page report, which contains 110 charts, graphs, and tables.
To learn more about Mercom’s 2025 Annual and Q4 Solar Funding and M&amp;A Report, visit: <a href="https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report" target="_blank" rel="noopener">https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report</a>

Corporate Solar Funding Down 16% YoY in 2025; Deal Count Rises, M&A Robust

The solar sector received $2.8 billion in corporate funding globally, including venture capital funding, public market, and debt financing. Activity across venture capital funding, public market, and debt financing were up 10% in Q1 2019, compared to Q1 of 2018.
The data was revealed in Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/q1-2019-solar-funding-and-ma-report/" target="_blank" rel="noopener noreferrer">Q1 2019 Solar Funding and M&amp;A Report</a>.
<a href="https://mercomindia.com/wp-content/uploads/2019/04/1h.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-13287" src="https://mercomindia.com/wp-content/uploads/2019/04/1h.png" alt="" width="362" height="308" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/04/1h.png 362w, https://cms.mercomindia.com/wp-content/uploads/2019/04/1h-300x255.png 300w" sizes="auto, (max-width: 362px) 100vw, 362px" /></a>
“Funding levels were up slightly year-over-year in Q1 2019, but the solar industry was on a much stronger footing at the beginning of this year compared to a year earlier, when the industry was hit with tariffs, subsidy and installation cuts in China, and a module oversupply situation. The market is upbeat, and solar equities rebounded strongly in the first quarter. However, China is still a wild card, and depending on its 2019 policy direction, it could have a significant impact on the solar industry,” said Raj Prabhu, CEO of Mercom Capital Group.
According to the report, global VC funding for the solar sector in Q1 2019 was mostly flat, totaling $176 million in 13 deals, compared to $161 million raised in 22 deals in Q1 2018. Of the $176 million in VC funding raised in 13 deals during Q1 2019, 63 percent went to solar downstream companies, which raised nearly $111 million in seven deals. The average solar VC deal size in Q1 2019 dropped to $13.6 million from $27.9 million in Q4 2018.
<a href="https://mercomindia.com/wp-content/uploads/2019/04/q22.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-13282" src="https://mercomindia.com/wp-content/uploads/2019/04/q22.png" alt="" width="505" height="356" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/04/q22.png 505w, https://cms.mercomindia.com/wp-content/uploads/2019/04/q22-300x211.png 300w" sizes="auto, (max-width: 505px) 100vw, 505px" /></a>
The top VC deals in the first quarter of 2019 were: $65 million raised by Yellow Door Energy, $41 million raised by Oxford PV, $37 million secured by <a href="https://www.bboxx.co.uk/" target="_blank" rel="noopener noreferrer">BBOXX</a> in two funding deals, $20 million raised by Aurora Solar, and PEG Africa’s $5 million deal. A total of 28 VC investors participated in solar funding in Q1 2019.
Public market financing into the solar sector was up year-over-year (YoY) with $247 million in three deals in Q1 2019 compared to $103 million in four deals in Q1 2018.
Debt financing for solar companies was also flat with $2.35 billion in 19 deals during Q1 2019 compared to $2.25 billion in 18 deals in Q1 2018. Solar downstream companies raised the majority of the debt in Q1 2019 with $2.2 billion in 16 deals.
<a href="https://mercomindia.com/wp-content/uploads/2019/04/q11.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-13283" src="https://mercomindia.com/wp-content/uploads/2019/04/q11.png" alt="Global Solar Market Receives $2.8 Billion in Corporate Funding in Q1 2019" width="530" height="320" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/04/q11.png 530w, https://cms.mercomindia.com/wp-content/uploads/2019/04/q11-300x181.png 300w" sizes="auto, (max-width: 530px) 100vw, 530px" /></a>
Announced large-scale project funding in Q1 2019 touched a record high with $5.68 billion in 43 deals compared to $2.8 billion in 47 deals during Q4 2018.
M&amp;A activity was also similar to last year’s with 18 solar M&amp;A transactions in Q1 2019 compared to 19 transactions in Q1 2018 the report found. Of the total 18 transactions, 14 involved Solar Downstream companies. There were two transactions apiece involving Equipment Manufacturers and Balance of System (BoS) companies.
There were 54 large-scale solar project acquisitions (20 disclosed for 5.9 GW) in Q1 2019, compared to 80 transactions (16 disclosed for 7.7 GW) in Q1 2018.
<a href="https://mercomindia.com/wp-content/uploads/2019/04/q33.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-13284" src="https://mercomindia.com/wp-content/uploads/2019/04/q33.png" alt="Global Solar Market Receives $2.8 Billion in Corporate Funding in Q1 2019" width="536" height="325" srcset="https://cms.mercomindia.com/wp-content/uploads/2019/04/q33.png 536w, https://cms.mercomindia.com/wp-content/uploads/2019/04/q33-300x182.png 300w" sizes="auto, (max-width: 536px) 100vw, 536px" /></a>
18 investment firms and funds acquired 20 projects in Q1 2019, totaling 3.5 GW, followed by fourteen Utilities and IPPs which picked up 19 projects totaling 1.15 GW. Thirteen Project Developers acquired 14 projects for 803 MW during the quarter.
New renewable energy and solar-focused funds raised a total of $3.8 billion in Q1 2019.

Global Solar Market Receives $2.8 Billion in Corporate Funding in Q1 2019

The Securities and Exchange Board of India (SEBI) has approved <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Solar Holdings</a>’ Initial Public Offering (IPO) worth ₹22,000 million (~$336.86 million).
The face value of each equity share is ₹10 (~$0.15) and they will be up for grabs on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). In total, 2,200 million equity shares will be up for trade.
India is witnessing a trend wherein more and more companies operating in the renewable energy sector are opting for an IPO. Recently, the Indian Renewable Energy Development Agency (<a href="https://mercomindia.com/ireda-launch-ipo/" target="_blank" rel="noopener">IREDA</a>) approved the launch of its IPO for 139 million equity shares. In October 2017, the Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) launched its IPO issuing 6,065,009 equity shares at a face value ₹10 (~$0.15) each. There are other companies with large portfolios also considering an IPO. Currently <a href="https://mercomindia.com/azure-power-revises-ipo-75-million/" target="_blank" rel="noopener">Azure Powe</a>r is the only solar company that has gone public.
ICICI Securities, Citigroup Global Markets India, and Deutsche Equities India will manage ACME’s IPO. ACME Solar Holdings filed a preliminary Draft Red Herring Prospectus (DRHP) with SEBI in <a href="https://mercomindia.com/acme-solar-raise-335-million-ipo/" target="_blank" rel="noopener">October 2017</a>.
ACME will also perform a pre-IPO placement of up to 5,222,079 equity shares to certain investors for an amount not exceeding ₹5,000 million (~$76.56 million).
The promoters, Manoj Kumar Upadhyay and ACME Cleantech Solutions Private Limited, have provided an aggregate of 20 percent of the fully diluted post-issue equity share capital of the company held by them toward the minimum promoters’ contribution. It has been locked-in for a period of three years from the date of allotment.
ACME Solar will utilize ₹4,356.9 million (~$66.71 million) to repay debt from Piramal Finance and Innovador Traders. ACME Solar also plans to repay ₹5,410 million (~$82.84 million) to its parent organization, ACME Cleantech. It will use ₹8,690 million (~$133.06 million) to finance Rajasthan’s Bhadla solar power projects which it won in an auction conducted in July 2017.
ACME <a href="https://mercomindia.com/records-keep-falling-bhadla-solar-park-auctions-tariff-breaches-rs-2-50-0-038kwh-500-mw-phase-iii-solar-park-auction/" target="_blank" rel="noopener">quoted</a> a tariff of ₹2.44 (~$0.037)/kWh (lowest tariff recorded in India) to win the bid to develop a 200 MW project in the 500 MW Bhadla Phase-III Solar Park auction. After ACME won the auction at such an aggressive price point, Chinese module prices <a href="https://mercomindia.com/rising-chinese-module-prices-pose-significant-short-term-challenge-indias-solar-industry/" target="_blank" rel="noopener">reversed their downward trend</a> and began rising in Q3, making project economics difficult and forcing the company to go public to raise the required funding.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, ACME has installed solar projects totaling 924 MW and has projects of ~1 GW in its development pipeline.
In the first three quarters of 2017, the Indian solar sector saw almost <a href="https://mercomindia.com/financing-activity-indian-solar-sector/" target="_blank" rel="noopener">$4.2 billion (~₹272 billion)</a> in announced corporate, project funding, and M&amp;A deals, according to the <a href="http://store.mercom.mercomcapital.com/product/q3-2017-solar-funding-and-ma-report/" target="_blank" rel="noopener">Solar Funding and M&amp;A Report</a> released by Mercom Capital Group. By comparison, $2 billion (~₹129 billion) was reported during the same period of 2016. As of Q3 2017, total corporate funding (VC/PE, public market, and debt) raised by Indian solar companies made up almost 34 percent of the global total. In terms of venture capital and private equity investments, Indian companies raised almost 60 percent of the global total.

ACME’s $337 Million Initial Public Offering to Fund Bhadla Solar Project

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