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Solar sector globally attracted corporate funding worth $6.2 billion in July—September 2015 quarter, says a report.
During the second quarter of the calendar year, the sector had seen investments worth $5.9 billion, according to a report by clean energy communications and consulting firm Mercom Capital Group.
“Total global corporate funding in the solar sector, including venture capital/private equity (VC), debt financing, and public market financing raised by public companies, came to $6.2 billion compared to $5.9 billion in Q2 2015,” it said in a statement.
VC funding increased to $257 million in 15 deals as against $142 million in 24 deals in Q2 2015, it said.
Solar downstream companies continued to draw most of the VC investments with $114 million in seven deals, it added.
“The third quarter of 2015 has been eventful, especially in the equity markets. Although solar power demand continues to grow, solar stocks have made a complete U—turn in the last three months, affecting public market financing, which was down by about a billion dollars excluding IPOs,” Mercom Capital Group CEO Raj Prabhu said in the statement.
Public market financing fell to $1.8 billion compared with $2.3 billion in Q2 2015, the statement said.
Debt financing saw an uptick this quarter with about $4.1 billion as against $3.4 billion earlier.
Chinese companies dominated debt financing activity, raising more than $2.9 billion compared with $1.4 billion in Q2 2015, it added.
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