Global corporate financing in the solar industry reached US$6.5 billion in the third quarter of 2025, a 14% increase from the same period a year ago.
This is according to the latest financial report from market research firm Mercom Capital Group, which covers deals in venture capital (VC), solar public market financing, debt financing and mergers and acquisitions (M&A).
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As shown in the chart below, this is the third quarter in a row with solar funding increasing in a quarterly basis after reaching a low of US$4 billion in the last quarter of 2024.
Despite the continued growth in corporate funding, the combined numbers for the first nine months of 2025 are still below the same period in 2024. Total corporate funding from January to September 2025 reached US$17.3 billion, down 22% from the US$22.3 billion raised during the same period a year ago.
Mercom said earlier this year that a wave of legislative, trade, and capital market disruptions caused the decline in the first half of 2025.
Almost every segment of corporate funding saw a decrease during that period, except for project acquisitions, which were on par with the same period last year. During the first three quarters of 2025, 165 projects were acquired for a combined capacity of 29GW, compared to 166 projects for a total of 28.3GW in the same period in 2024.
Moreover, M&A were down until the end of Q3 2025, with 76 compared to 62 transactions in the same period in 2024. The largest M&A deal thus far this year is from Indian company Ayana Renewables, involving state-owned companies Oil and Natural Gas Corporation (ONGC) and National Thermal Power Corporation (NTPC) Green in March 2025. The transaction was estimated at US$2.3 billion, according to Mercom. It was followed by the acquisition of distributed solar developer Altus Power by climate investing platform of asset manager TPG in April 2025 for US$2.2 billion.
Canadian asset manager Brookfield’s acquisition of Geronimo Power – formerly known as National Grid Renewables – in February 2025 for US$1.7 billion closes the podium, at the moment, for 2025.
Despite seeing an increase in VC funding activity between January and September 2025 and the same period last year, with 55 deals versus 39 deals, the overall deal value is still down by 17% with US$2.9 billion so far this year compared to US$3.5 billion in 2024.
The largest VC funding deals during 9M 2025 were from US renewables power operator Origis Energy with US$1 billion, US independent power producer (IPP) Silicon Ranch with US$500 million in April 2025 and US technology firm Terabase Energy with US$130 million in March 2025.
Finally, solar public market financing and solar debt financing are down 19% and 24%, respectively, on a yearly basis. During the first nine months of 2025, public market financing reached US$1.7 billion, while debt financing activity reached US$12.7 billion across 60 deals.
