NEW DELHI: The total corporate funding in the solar sector globally in the third quarter of this year amounted to $2.18 billion as a number of public firms took advantage of rising market values this quarter, says a report.
According to Mercom Capital Group, a global clean energy communications and consulting firm, total corporate funding in the solar sector globally stood at $ 2.18 billion, compared to $ 915 million in the second quarter of 2013.
The total corporate funding includes VC, debt financing and other equity financing raised by public companies.
Notable Indian transactions this quarter include: Simpa Networks, a distributed energy solutions provider raising a $ 0.25 million in VC funding and International Finance Corporation, providing a $ 3 million loan to independent energy producer Azure Power for one of its subsidiaries to construct a rooftop solar project in Gujarat.
"Overall market conditions for the solar sector continue to improve. Project funding and M&A activity were at record levels reflecting an improved demand outlook. Taking advantage of rising market values, we also saw significant financing activity among publicly-traded companies this quarter," Mercom Capital Group CEO Raj Prabhu said.
Meanwhile, the solar M&A activity increased in the third quarter of 2013 both in terms of number of deals and value of deals. Solar M&A totalled $ 9.8 billion in 23 transactions compared to $ 1.3 billion in 18 transactions in Q2 (April -June).
Most of this quarter's M&A activity was either strategic or acquisitions of distressed assets / companies/ technologies on the cheap, the report said.
Meanwhile, there were 37 announced large-scale project funding deals (almost 1,267 MW) in Q3 2013 totalling $ 2.89 billion, it added.
