THE MONEY IN SOLAR

Solar Funding and M&A; 2014 Fourth Quarter and Annual Report

February 2015 (Mercom Capital Group)

“…Total corporate funding including VC, public market and debt financings totaled $26.5 billion in 2014, a 175 percent increase year-over-year…Global venture capital funding in the solar sector saw a sharp increase over the previous year with more than $1.3 billion raised in 85 deals. In comparison, in 2013, $612 million was raised in 98 deals…It was a record year for public market financings, which accounted for about $5.2 billion in 52 deals in 2014, nearly doubling from 2013, which had $2.8 billion in 39 deals…There were seven announced IPOs in 2014. The largest was Abengoa Yield’s raise of $828.7 million on the NASDAQ. Yieldco’s raised about $1.5 billion of the $2.1 billion raised via IPOs…Announced debt financing increased threefold in 2014 with $20 billion in 58 deals compared to 2013 with $6.2 billion in 38 deals. China continued to dominate debt financing activity with $15.8 billion in 21 deals…Solar M&A activity in 2014 was the most active of the last four years in terms of transactions, with 116 transactions compared to 81 transactions in 2013…”

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