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Total corporate funding, including venture capital (VC) funding, public market, and debt financing, in the first nine months (9M) of 2024 stood at $22.3 billion, 23% lower than the $28.9 billion raised in 9M 2023. The number of deals also decreased by 6% year-over-year (YoY), with 117 deals in 9M 2024 compared to 124 deals during the same period last year.
In 9M 2024, VC funding activity decreased 39% YoY, with $3.5 billion raised in 39 deals compared to the $5.7 billion raised in 51 deals in 9M 2023.
“As we look at the financing activity in Q3 2024, it’s clear that the solar sector is grappling with significant uncertainties. Regulatory concerns around antidumping and countervailing duties and tariffs, the U.S. Section 45X guidance, potential policy shifts due to election outcomes, unpredictable global trade policies, supply chain disruptions, higher costs, tight labor markets, and ongoing project delays have all dampened investor confidence and delayed key investment decisions. While the recent 50 basis points rate cut is hopeful, the market needs more clarity and direction on future rate cuts to spark a resurgence in investment momentum,” said Raj Prabhu, CEO of Mercom Capital Group.
Investment firms were the most active acquirers of solar projects in Q3 2024, picking up 4.3 GW, followed by project developers and independent power producers (IPPs) with 3.4 GW.
This report covers 247 companies and investors, is 95 pages long, and contains 80 charts, graphs, and tables.
