Global solar corporate financing increased 10% year-on-year to US$2.8 billion in Q1

According to a new research report released by Mercom Capital, global corporate financing in the solar sector (including venture capital, public markets and debt financing) reached $2.
8 billion in the first quarter of 2019, up 10%
from $2.
5 billion in the same period last year.

"Funding levels in the first quarter of 2019 rose slightly compared to the same period last year, but the solar industry was on a more solid footing at the start of the year compared to the same period last year, when the industry was hit
by tariffs, subsidies and installation cuts, and an oversupply of modules.
In the first quarter of this year, the market was generally optimistic, and solar company stocks rebounded
strongly in the first quarter.
However, relying on its 2019 policy direction, China remains an important influencing factor for the global solar industry," said
Raj Prabhu, CEO of Mercom Capital.

Global venture capital funding for the solar industry raised $176 million in 13 transactions in the first quarter of 2019, compared to $161 million
in 22 transactions in the first quarter of 2018.
Among them, 7 transactions went to solar downstream enterprises, with a cumulative capital of US$111 million
.
A total of 28 venture capitalists/corporates participated in solar financing in the first quarter of 2019, with the top five deals as shown below:

In the first quarter of 2019, solar public market financing raised $247 million in three transactions, compared to $103 million
in four transactions in the first quarter of 2018.

Debt financing announced in the first quarter of 2019 reached $2.
35 billion in 19 transactions, compared to $2.
3 billion in 18 transactions in the first quarter of 2018, raising essentially flat
.
Most of the debt in the first quarter of 2018 came from solar downstream companies, compared to three securitization transactions
in the first quarter of 2019.

Funding for large projects announced in the first quarter of 2019 reached record highs, with 43 transactions totaling $5.
68 billion, compared to $2.
8 billion
in 47 transactions in the fourth quarter of 2018.
$2.
7 billion
was raised in 57 transactions in the first quarter of 2018, compared to the same period last year.

M&A activity in the first quarter of 2019 was relatively stable compared to the same period last year, involving 18 solar transactions, including 14 involving solar downstream companies and 2 involving equipment manufacturers and system balancing (BoS) companies
.

Led by investment firms, approximately 5.
9 GW of solar projects were acquired in the first quarter of 2019, compared to 4.
8 GW in the fourth quarter of 2018 and 7.
7 GW
in the first quarter of 2018.

Specifically, a total of 18 investment firms and funds acquired 20 projects totaling 3.
5 GW in the first quarter of 2019, followed by 14 utilities and independent power generation companies with a total of 19 projects totaling 1.
15 GW
.
During the same period, 14 projects were acquired by 13 project developers totaling 803 MW
.