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Mercom Capital Group Reports Solar Q2 2014 Funding and M&A Activity: $6.3 Billion in Total Corporate Funding; $432 Million in VC Funding; $1.3 Billion in Third-Party Funds
|By Marketwired .
|July 8, 2014 09:09 AM EDT
AUSTIN, TX -- (Marketwired) -- 07/08/14 -- Mercom Capital Group, llc, a global clean energy communications and consulting firm, released its report today on second quarter funding and mergers and acquisitions (M&A) activity for the solar sector in 2014.
Total global corporate funding in the solar sector, including venture capital (VC), private equity (PE), debt financing, and public market financing raised by public companies, came in at $6.3 billion, compared to $7 billion in Q1 2014. This quarter also saw two IPOs including one yieldco and a securitization deal.
Raj Prabhu, CEO of Mercom Capital Group, commented, "It was a solid quarter for the solar sector in terms of fundraising. VC funding was up, public markets remained strong and we are seeing new and innovative financial structures. Residential and commercial solar funds continue to raise record amounts."
Global VC funding, including PE and corporate VC, in Q2 2014 totaled $432 million in 21 deals, up from $251 million in 26 deals in Q1 2014.
Chart: Solar VC Funding Q2 2013- Q2 2014
The largest VC/PE deal in Q2 2014 was the $150 million raise by Sunrun, a provider of residential solar-power systems from Foundation Capital, Accel Partners, Sequoia Capital, Madrone Capital, and others, $145 million raised by Sunnova Energy, a provider of residential solar services, $72.5M raised by residential solar installer Sungevity, $15M raised by Siva Power (formerly Solexant), a manufacturer of CIGS solar modules, and $14.2 million raised by Brite Energy Solar, a provider of residential and commercial solar services.
Large-scale project funding totaled $3.5 billion in 33 deals in Q2 2014. The largest was the $820 million raised by Megalim Solar Power for a 121 MW CSP project in Israel.
Chart: Solar Top 5 Large-Scale Projects Funded by Dollar Amount in Q2 2014
Third-party residential and commercial solar funds raised more than $1.3 billion raised in Q2 2014. SunPower topped the list, raising $492 million in three different funds; investors included Google, Admirals Bank and Hannon Armstrong Sustainable Infrastructure Capital.
There were 25 corporate M&A transactions in the solar sector in Q2, with solar downstream companies accounting for 11. The largest disclosed M&A transaction by dollar amount was the $350 million acquisition of Silevo, a solar cell and PV module manufacturer, by SolarCity.
Project acquisitions in Q2 2014 totaled $229 million in 34 transactions with 1.1 GW changing hands.
Mercom also tracked 150 large-scale project announcements worldwide in Q2 2014 representing 7.6 GW.
Click here for the full press release. To learn more about the report, visit: http://bit.ly/MercomSolarQ22014
About Mercom Capital Group
Mercom Capital Group, llc, is a global communications and research and consulting firm focused exclusively on clean energy and financial communications. Mercom delivers widely read industry market intelligence reports covering Solar Energy, Wind Energy and Smart Grid. Our reports provide timely industry happenings and ahead-of-the-curve analysis specifically for C-level decision making. Mercom's consulting division advises cleantech companies on new market entry, custom market intelligence and overall strategic decision-making. Mercom's communications division helps clean energy companies and financial institutions build powerful relationships with media, analysts, government decision-makers, local communities and strategic partners. For more information about Mercom Capital Group, visit: http://www.mercomcapital.com. To get a copy of Mercom's popular market intelligence reports, visit: http://mercomcapital.com/market_intelligence.php
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