In 2023, a total of 231 large-scale solar energy projects were acquired, which is less than the 268 projects in 2022. The cumulative solar energy projects acquired in 2023 are about 45.4 GW, a 31% year-on-year decrease compared to the 66 GW in 2022.
According to data from Mercom Capital Group, although the total number of transactions has decreased, driven by strong growth in private market financing and debt financing, solar photovoltaic financing activities increased by 42% year-on-year in 2023.
Last year, private market financing reached $7.4 billion, a year-on-year increase of 45%, which is the second highest figure since 2013. At the same time, solar companies raised $20 billion in debt financing, a 67% increase from last year, reaching the highest level in the past decade. Mercom Capital Group stated that securitization activities were the main contributor to financing, with 11 transactions raising a total of $3.4 billion.
The funding from solar venture capital activities decreased by 1% year-on-year, with a total of 69 transactions in 2023 and a raise of $6.9 billion. Among them, $4.7 billion (68%) went to 42 downstream solar companies. In addition, solar companies raised $1.9 billion, system companies raised $311 million, and service providers raised $32 million.
