Corporate funding in global solar industry surges 55% in January-September: Mercom Capital

The corporate funding in the global solar sector rose 55% to 28.9 billion during January-September 2023, mainly due to the push to meet energy transition objectives, Mercom Capital has said. The global corporate funding in the sector was USD 18.7 billion in the first nine months of 2022, the US-based research firm said in its latest report.

Despite inflationary challenges and elevated interest rates, financing in solar industry has remained robust through the first three quarters of 2023, Mercom Capital Group CEO Raj Prabhu said.

“The resilience can be attributed to a strong global push to achieve energy transition objectives and demand created by the Inflation Reduction Act – which has helped the sector weather persistent economic challenges and retain the interest of investors,” he added.

In the venture capital segment in India, Juniper Green Energy secured a USD 350 million investment from AT Capital Group and Vitol to achieve its target to triple its operational capacity to 2.5 GW by 2026 and forge ahead with its ambitious development plans.

Adani New Industries has secured a trade finance facility of $394 million.

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