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Solar energy sector witnessed corporate funding of USD 4.6 billion globally in the first six months this year, marginally higher than the year-ago period, says a report.
Mercom Capital Group said the total corporate funding, including venture capital funding, public market and debt financing, stood at USD 4.6 billion in the first half of this year. The funding amount was USD 4.5 billion in the January- June period of last year.
During the first six months of this year, there were 97 deals in the solar sector whereas there were 79 transactions in the same period a year ago. Global VC funding (venture capital, private equity, and corporate venture capital) for the sector in first half of 2017 was USD 713 million spread over 45 deals.
The top VC deals during the first half of the current year included those involving ReNew Power Ventures, Greenko Energy Holdings, Hero Future Energies, Siva Power and Spruce Finance. Announced debt financing came to USD 3 billion in 33 deals, as per the report.
During this period, there were 40 merger and acquisition transactions in the solar sector. The report said funding in the solar sector fell to USD 1.4 billion in the second quarter of 2017 as compared to USD 3.2 billion in the first quarter of the year.
"There is a great deal of uncertainty in the solar markets right now, which is reflected in funding activity. However, solar public companies, especially on the US stock markets, have done well this year," Mercom Capital Group CEO Raj Prabhu said.
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