Kolkata, July 11 (IANS) Global consulting firm Mercom Capital Group on Monday said total corporate funding, including venture capital funding, public market and debt financing into the solar sector fell to $1.7 billion in April-June quarter, a 41 percent drop compared to the $2.8 billion raised in January-March period.
Year-over-year total corporate funding was down significantly compared to $5.9 billion in the second quarter of last year, the firm said.
“The solar industry continues to experience weakness in terms of financing activity and corporate funding in April-June, 2016 was at its lowest level in three years,” said Group’s CEO and co-founder Raj Prabhu.
Global solar venture capital funding (including private equity) saw a large decline in the quarter under review with $174 million in 16 deals compared to $406 million in 23 deals in January-March period.
According to the firm, solar downstream companies raised the most (64 percent) VC funding in April-June 2016 with $112 million in seven deals.
Solar public market financing in April-June came to $179 million in four deals compared to $94 million in four deals in the first quarter of calendar year 2016 and $2.3 billion in 12 deals in April-June period last year, the report said.
The firm said the announced debt financing came to $1.3 billion in 12 deals in April-June period compared to $3.4 billion in 14 deals in the corresponding period last year.