Solar Companies Raise $22.2 Billion in Corporate Funding in 2025, Reports Mercom Capital Group

37.4 GW of solar projects acquired in 2025

AUSTIN, Texas--(BUSINESS WIRE)--Mercom Capital Group, an integrated communications and research firm focused exclusively on clean energy, released its fourth quarter (Q4) and annual report on funding and merger and acquisition (M&A) activity for the solar sector in 2025.

Total corporate funding, including venture capital (VC) funding, public market, and debt financing into the solar sector, decreased 16% year-over-year (YoY) in 2025, with $22.2 billion raised in 175 deals, compared to $26.3 billion in 157 deals in 2024.

CHART: Solar Corporate Funding 2025

Get the report: https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report

“2025 was a year of recalibration for the solar industry, shaped by policy uncertainty, trade and tariff risks, and higher interest rates that weighed on overall funding levels. Despite these challenges, corporate funding activity was resilient, with deal counts increasing to multi-year highs even as total capital raised declined, reflecting a shift toward smaller and more selective transactions. Policy clarity in the second half of the year helped improve market visibility for investors and supported increased activity in lower-risk, execution-ready deals. Another positive takeaway was the strength in corporate and project M&A activity, reflecting sustained interest in solar assets driven by rising energy demand,” said Raj Prabhu, CEO of Mercom Capital Group.

Global VC and private equity funding in the solar sector in 2025 came to $3.5 billion in 75 deals. There were eight VC funding deals of $100 million or more in 2025.

CHART: Solar VC Funding 2010-2025

Of the $3.5 billion in VC funding raised in 75 deals in 2025, $2.7 billion (77%) went to Solar Downstream companies.

CHART: Solar Top VC Funded Companies in 2025

The top VC-funded companies in 2025 were Origis Energy ($1 billion), Silicon Ranch ($500 million), HoloSolis ($255 million), Goldi Solar ($161 million), and Terabase Energy ($130 million).

Solar public market financing in 2025 totaled $2.6 billion. Nine companies went public in 2025, bringing in $926 million.

In 2025, announced debt financing came to $16.1 billion. Securitization deals totaled $3.4 billion across nine deals.

M&A activity was 17% higher YoY in 2025, with 96 corporate M&A transactions.

CHART: Solar Top Disclosed M&A Transactions in 2025

Solar Downstream companies led corporate M&A activity in 2025 with 72 acquisitions.

There were 246 large-scale solar project acquisitions in, totaling 37.4 GW.

CHART: Solar Large-scale Project Acquisitions 2010-2025

Of the 37.4 GW of large-scale solar projects acquired in 2025, 52% were acquired by Project Developers and IPPs. Investment Firms acquired 24.5%. Utilities, Oil and Gas companies, Installers, and Manufacturers acquired 11%.

There were 390 companies and investors, along with 110 charts covered in this 161-page .

Get the report: https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report

About Mercom Capital Group

Mercom Capital Group is an integrated communications, research, and media firm focused exclusively on clean energy markets in the U.S., Europe, India, and the Middle East. Our research division produces industry-leading market intelligence reports on solar, storage, smart grid, and hydrogen. Our exclusive quarterly global funding and M&A reports are the industry’s primary source for tracking funding activity in the sector. http://MercomCapital.com.

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