Solar sector corporate funding falls 22% year-over-year

Venture capital, public market, and debt financing into the solar industry reached $17.3 billion through the first 9 months of 2025, said Mercom Capital Group.

October 23, 2025 Ryan Kennedy

Image: Mercom Capital Group

Total corporate funding, including venture capital (VC) funding, public market, and debt financing decreased 22% year-over-year through the first three quarters in 2025, said a report from Mercom Capital Group. Through the first nine months of 2025, total corporate funding reached $17.3 billion, down from $22.3 billion raised through the first nine months of 2024.

VC funding reached $2.9 billion across 55 deals over the period, down from $3.9 billion raised over 39 deals in the year-ago period. The largest VC deals were $1 billion raised by Origis Energy, $500 million raised by Silicon Ranch and $130 million raised by Terabase Energy.

Solar debt financing totaled $12.7 billion across 60 deals, 24% lower than the $16.7 billion raised through the first nine months of 2024.

In the first three quarters of 2025, corporations acquired 165 solar projects totaling 29 GW. This is a slight increase from 28.3 GW in transactions a year ago.

Mergers and acquisitions activity increased year-over-year, with 76 deals in the first nine months of 2025 compared to 62 last year.

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