Corporate funding in global solar sector falls 18% to $18.7 bn: Report

Corporate funding in the global solar sector declined by 18 per cent year-on-year to USD 18.7 billion in January-September 2022, according to a Mercom Capital report.

Corporate funding includes venture capital and private equity (VC), debt financing, and public market financing.

"Total corporate funding in 9M 2022 (first nine months) stood at USD 18.7 billion, 18 per cent lower compared to USD 22.8 billion raised in 9M 2021. The number of deals increased 17 per cent y-o-y, with 131 in 9M 2022 compared to 112 in 9M 2021," the global clean energy consulting firm said in its report.

During January-September 2022, venture capital (VC) funding activity rose 150 per cent to USD 5.5 billion with 72 deals compared to the USD 2.2 billion raised in 39 deals in the same period last year.

In India, Navitas Alpha Renewables raised around 870,000 in seed round of funding. Renkube also secured around USD 300,000 in seed funding. While Prescinto Technologies raised USD 6.5 million in financing, .