SMM News: according to the latest research report from Mercom Capital, a clean energy research organization, the amount of corporate financing in the global solar market reached $6 billion in the first half of 2019, up 11 per cent from $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 per cent from $2.9 billion in the same period last year. In the first quarter of this year, it raised $2.7 billion, involving 35 transactions.
In the first half of the year, venture capital in the global solar industry, including venture capital, private equity and corporate venture capital, rose 50 per cent to $799 million from $531 million in the same period last year. Of these, global venture capital reached $622 million in the second quarter, involving 16 transactions, up nearly 68 per cent from $370 million in the same period last year, and 15 deals.
In the first half of the year, top venture capital / private equity deals included Renew Power raising $300m, Avaada Energy raising $144 million, Yellow Door Energy raising $65 million, Spruce Finance raising $50 million, Oxford Photovoltaics raising $41 million, CleanMax Solar raising $39 million and BBOXX raising $31 million (see chart below).
According to Mercom Capital, 62 venture capital firms were involved in solar financing in the first half of this year.
In the first half of this year, global solar public market financing fell 20 per cent to $993 million from $1.2 billion in the same period last year, involving eight transactions, compared with 12 in the same period last year. In the second quarter of this year, there were five public market financing transactions worth $746 million, compared with $1.14 billion in the same period last year, involving eight transactions.
A total of 27 debt financing transactions worth $4.2 billion were announced in the first half of this year, compared with 32 and $3.6 billion in the same period last year. Of these, including four solar asset securitization transactions, a cumulative total of $598 million. Since 2013, global solar securitisation transactions have exceeded $4 billion.
In the first half of the year, a total of 76 large 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 size of US $8 billion (see chart below for Top5 transactions). A total of $327 million in residential and commercial solar financing was announced.
In the same period, there were 37 solar mergers and acquisitions worldwide, compared with 46 in the first half of 2018. Of these, six have been disclosed, the largest of which is ERG's acquisition of a 78.5 per cent stake in photovoltaic facility operator Perseo through its subsidiary ERG, worth $255 million (see chart below).
There were 19 solar mergers and acquisitions worldwide in the second quarter, compared with 27 in the same period last year and 18 in the first quarter. Of these, 12 involve downstream solar companies, four involve equipment manufacturers, two involve solar photovoltaic manufacturers, and one involves solar service providers.
In the first half of the year, solar project acquisitions rose slightly to 11.6 gigawatts from 11.3GW in the same period last year. Investors continue to be the main acquirers of solar assets, acquiring 6.8 gigawatts, or 58 per cent of the world's total.
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