The total corporate funding in the solar sector globally in the third quarter of this year amounted to USD 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 USD 2.18 billion, compared to USD 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 USD 0.25 million in VC funding and International Finance Corporation, providing a USD 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 USD 9.8 billion in 23 transactions compared to USD 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 USD 2.89 billion, it added.