Solar funding surge in Q3 as global M&A activity bounces back from pandemic impacts

Facebook
Twitter
LinkedIn
Reddit
Email
Phase 1 of the Mohammed bin Rashid solar park in Dubai. Image: DEWA.

Global solar industry funding has rallied from a turbulent first half of the year as project acquisition activity soared in Q3, a report from Mercom Capital Group says.

Around 9.5GW of solar projects were bought in the third quarter, more than double the 4.4GW in Q3 2019 and 244% higher than the second quarter of this year. Investment firms were said to be the most active project acquirers in Q3 2020 followed by project developers and independent power producers.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“Transactions in the works that could not make progress in Q1 and Q2 were getting closed in Q3, resulting in a funding surge. Project acquisition activity – an important indicator of the financial health in the solar sector – bounced back strongly in Q3,” said Raj Prabhu, CEO of Mercom Capital Group.

He added that solar stocks are on an “incredible run” this year, with 12 of the 24 stocks that Mercom tracks globally up 100% at the end of Q3, an unprecedented increase.

According to the consultancy, the top large-scale project funding deals in terms of capacity for Q3 were for the 900MW fifth phase of the Mohammed bin Rashid Solar Park in Dubai, the 800MW Siraj-1 project in Qatar and sPower’s 620MW Spotsylvania Solar facility in the US.

Figures for the first nine months of the year reveal the extent of the downturn caused by the pandemic: total corporate funding stood at US$7.9 billion, a 13% drop year-on-year, while venture capital funding was 61% lower at US$394 million. Solar debt financing activity from January to September was 6% lower than the same period last year.

According to Mercom, the top solar venture capital deals in the first nine months of 2020 were: the US$72 million by Sunseap Group, US$50 million by Zero Mass Water and US$40 million by Ecoppia.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

September 10, 2025
Indian solar module manufacturer Vikram Solar reported a 79.7% year-on-year increase in revenue for the first quarter of FY26.
September 9, 2025
Nautilus and Summit Ridge Energy secured major financing deals to expand community solar projects across multiple US states.
September 9, 2025
The average price of solar modules sold in Europe fell marginally between July and August, while buyers’ confidence remained steady.
September 9, 2025
The US Solar Energy Industries Association (SEIA) has released a policy blueprint which it claims would “strengthen the reliability of America’s electric grid with solar and storage technologies.”
September 9, 2025
US solar tracker manufacturer Nextracker has acquired Origami Solar, a steel frame technology-focused company, for approximately US$53 million. 
September 8, 2025
Euclid Power has raised US$20 million Series A round led by Venrock to develop AI-driven platform and services for renewables. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines