H1 Global Solar Financing Reaches US$6 Billion, Up 11% Year-on-Year

According to the latest research report by clean energy research institute Mercom Capital, in the first half of 2019, the global solar market reached US$6 billion, an increase of 11%
from US$5.
4 billion in the same period last year.

In the second quarter of 2019, corporate financing in the global solar market reached $3.
3 billion, involving 29 transactions, up 12%
from $2.
9 billion in the same period last year.
Financing in the first quarter of this year was $2.
7 billion and involved 35 transactions
.

In the first half of the year, global solar industry venture capital (including venture capital, private equity and corporate venture capital) rose 50% to $799 million from $531 million
in the same period last year.
Among them, global venture capital reached US$622 million in the second quarter, involving 16 transactions, an increase of nearly 68% from US$370 million in the same period last year, involving 15 transactions
.

In the first half of the year, top VC/private equity deals included $300 million from Renew Power, $144 million from Avaada Energy, $65 million from Yellow Door Energy, $50 million from Spruce Finance, $41 million from Oxford Photovoltaics, and $39 million from CleanMax Solar.
BBOXX raised $31 million (see chart below).

According to Mercom Capital, in the first half of this year, a total of 62 venture capital firms participated in solar financing
.

In the first half of this year, global solar public market financing fell 20% to US$993 million from US$1.
2 billion in the same period last year, involving 8 transactions
, compared to 12 in the same period last year.
In the second quarter of this year, there were five public market financing transactions worth US$746 million, compared to US$1.
14 billion in the same period last year, involving eight transactions
.

A total of 27 debt financing deals were announced in the first half of this year, with a deal size of US$4.
2 billion, compared to 32 transactions of US$3.
6 billion
in the same period last year.
Among them, it includes 4 solar asset securitization transactions with a cumulative size of US$598 million
.
Since 2013, when this category was counted, the global solar asset securitization transaction volume has exceeded US$4 billion
.

In the first half of the year, a total of 76 large-scale project financing transactions were announced, with a cumulative size of US$9 billion, compared with 98 transactions in the same period last year, with a cumulative scale of US$8 billion (see the figure below for the Top5 transactions).

Residential and commercial solar financing announced totaled $327 million
.

In the same period, there were 37 solar M&A transactions worldwide, compared to 46 in the first half of 2018
.
Of these, six transactions have been disclosed, the largest being the acquisition by ERG Group of a 78.
5% stake in photovoltaic power generation facility operator Perseo through its subsidiary ERG Power Generation for a transaction value of US$255 million (see chart below for Top5 transactions).

Global solar M&A transactions totaled 19 in the second quarter, compared to 27 in the same period last year and 18 in
the first quarter.
Of these, 12 involved solar downstream businesses, four involved equipment manufacturers, two involved solar PV manufacturers, and one involved a solar service provider
.

In the first half of the year, solar project acquisitions increased slightly to 11.
6 GW
compared to 11.
3GW in the same period last year.
Investors continued to be the leading acquirers of solar assets, accumulating 6.
8 GW, or 58%
of the global total.