Corporate funding, public market financing, and debt investments in the global solar sector experienced 45% year-over-year growth through three quarters of 2026, said Mercom Capital Group.
The $25.1 billion raised across 170 deals represents substantial volume growth from the $17.3 billion secured across 127 deals in the first nine months of 2025.
“Solar corporate funding increased sharply in the first nine months of 2026, driven largely by debt financing. Public-market fundraising also improved, while both corporate M&A and solar project acquisitions increased as companies expanded their portfolios, recycled capital, and consolidated their operations,” said Raj Prabhu, CEO of Mercom Capital Group.
Driving much of this expansion, announced solar debt financing totaled $20.4 billion across 80 deals through three quarters of 2026, marking a 61% increase compared to the $12.7 billion raised over 60 deals during the same period in 2025. Public market financing similarly strengthened, totaling $2.7 billion across 32 deals, up from $1.7 billion across 12 deals in 9M 2025.
Conversely, global venture capital funding for the solar sector contracted, reaching $2.0 billion across 60 deals through three quarters of 2026, down 31% compared to the $2.9 billion raised over 55 deals in the year-ago period. Solar downstream companies accounted for $1.3 billion across 39 deals during this timeframe.
The top VC transactions through three quarters of 2026 were led by Inox Clean Energy with $343 million, followed by Nexamp at $180 million, Clean Max Enviro Energy Solutions at $165 million, Amarenco at $150 million, and Erco at $129 million.
Corporate mergers and acquisitions activity expanded year-over-year, tracking 88 solar M&A transactions through three quarters of 2026 compared to 76 transactions in 9M 2025. Large-scale solar project acquisition activity also trended upward, registering 205 transactions compared to 166 transactions in the year-ago period. In terms of capacity, a total of 34.4 GW of solar projects changed hands through three quarters of 2026, up from 29 GW in 9M 2025.
Project developers and independent power producers anchored acquisition activity as the most active buyers of solar projects in Q3 2026, picking up 6.7 GW, while investment firms secured 1.2 GW. Other buyers, including distributors and engineering and construction companies, acquired 852 MW, and utilities picked up 362 MW of projects.
Notable corporate transactions over the period included Inox Solar Americas acquiring Boviet Solar for $750 million, Drax acquiring Bluefield Solar Income Fund for $737 million, NextPower acquiring Zimmermann PV-Steel Group for $378 million, Greenbacker acquiring a 59.14% stake in Dasolar for $375 million, and strategic acquisitions by TCL Solar.
“Despite the higher activity, financing conditions remained challenging. Changes in U.S. tax policies, trade restrictions, rising equipment costs, and uncertainty over project economics complicated investment decisions. Capital remained available, but access to financing and investor appetite remained uneven across the industry,” said Prabhu.
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