Executive Summary Solar Funding and M&A 2016 Third Quarter Report

Industry Insights

Funding and merger & acquisition activity for the solar sector

>> Total corporate funding, including venture capital funding, public market and debt financing, into the solar sector was up in Q3 2016 with nearly $3 billion in 45 deals, a 78 percent increase compared to the $1.7 billion in 32 deals in Q2 2016

>> Global VC funding for the solar sector almost doubled this quarter with $342 million in 16 deals compared to the $174 million raised in the same number of deals in Q2 2016.

>> Solar downstream companies continued to be the top VC funded group with $273 million in eight deals (80 percent) compared to $112 million in seven deals in Q2 2016 (64 percent).

>> The top VC funded deals in the third quarter included the $220 million raised by Solar Mosaic, $47 million raised by Heliatek, $20 million raised by BBOXX, $15 million raised by d.light, Morgan Solar and Off Grid Electric raised $10 million each.

>>Public market financing activity in the solar sector picked up in Q3 2016 with $880 mil- lion raised in five deals compared to $179 million in four deals in Q2 2016.

>> After two quarters with no activity, one IPO was recorded in Q3 2016 by BCPG, a solar downstream company with $166 million raised.

>> Announced debt financing remained steady with almost $1.8 billion raised in 24 deals. In comparison, there were 12 deals in Q2 2016 for a total of $1.3 billion.

>> Announced large-scale project funding came to $1.6 billion in 32 deals compared to $3.4 billion in 40 deals in Q2 2016. There were five deals over $100 million this quarter. 

>> New large-scale project construction announcements in Q3 2016 totaled 9.2 GW in 185 projects worldwide.

>>Investments into residential and commercial solar funds remained above the $1 billion mark with $1.1 billion in five deals announced this quarter. To compare, $1.36 billion was raised in 11 deals in Q2 2016.

>> There were 18 solar M&A transactions in Q3 2016 compared to 17 in the previous quarter. Solar downstream companies accounted for half of the transactions (nine), fol- lowed by manufacturers with five.

>> There were 55 large-scale solar project acquisitions (24 disclosed for $1.3 billion) in Q3 2016 compared to 38 transactions (13 disclosed for $1.9 billion) in Q2 2016. About 2.6 GW of solar projects were acquired in Q3 2016 compared to 2 GW in the previous quarter.

Source: Copyright 2010-2016 | Mercom Capital Group


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