Complete breakdown of solar corporate funding, top transactions from 2016
While the rest of us were reading comic books and drinking Christmas Ale to end 2016 (just us?) the people at Mercom were busy tallying up the investor interest and key transactions in the solar industry. Not sure who is the bigger nerd here. Anyway, the following info comes courtesy of Mercom Capital Group, but we get to be the heroes who share it with the rest of you. You are welcome. (now back to our comics).
Total Corporate Funding (includes VC funding, debt financing and public market financing) Q4 2016 – $1.6 billion in 45 deals
Q3 2016 – $3 billion in 45 deals
Q2 2016 – $1.7 billion in 33 deals
Q1 2016 – $2.8 billion in 46 deals
Q4 2015 – $6.9 billion in 52 deals
2016 Annual – $9.1 billion in 169 deals
2015 Annual – $25.3 billion in 211 deals
VC Funding
Q4 2016 – $329 million in 22 deals
Q3 2016 – $342 million in 16 deals
Q2 2016 – $174 million in 16 deals
Q1 2016 – $406 million in 23 deals
Q4 2015 – $457 million in 17 deals
2016 Annual – $1.3 billion in 76 deals
2015 Annual – $1.1 billion in 83 deals
Top VC Funded Companies in 2016
• Sunnova raised $300 million from Energy Capital Partners.
• Mosaic raised $220 million from Warburg Pincus, Core Innovation Capital, and Obvious Ventures.
• Origis Energy raised $100 million from Baltisse.
• Silicon Ranch raised $100 million from Partners Group.
RELATED: Residential Rooftop Report: Q1 2017 Solar Storylines
Top VC Funded Companies in Q4 2016
• Origis Energy raised $100 million from Baltisse.
• Clean Focus raised $44 million from Neo Solar Power.
• Lumos raised $40 million Pembani Remgro Infrastructure Fund, VLTCM, and ICV.
• Oxford PV raised $21.3 million from Statoil, Legal & General Capital.
• ACWA Power raised $20 million from International Finance Corporation.
2016 VC Funding by Technology
• PV: $97 million
• Thin-film: $95 million
• BOS: $37 million
• Service Providers: $24 million
• CPV: $10 million
• CSP: $2.3 million
Q4 2016 VC Funding by Technology
• Solar Downstream: $267 million in 13 deals
• Thin-film: $27 million in 2 deals
• Solar PV: $25 million in 5 deals
• Balance of System (BOS): $7 million in 1 deal
• Service Providers: $3 million in 1 deal
Debt Financing
Q4 2016 – $610 million in 10 deals
Q3 2016 – $1.8 billion in 24 deals
Q2 2016 – $1.3 billion in 12 deals
Q1 2016 – $2.3 billion in 19 deals
Q4 2015 – $5.8 billion in 27 deals
2016 Annual – $6 billion in 65 deals
2015 Annual – $18.3 billion in 90 deals
Public Market Financing
Q4 2016 – $615 million in 13 deals
Q3 2016 – $880 million in 5 deals
Q2 2016 – $182 million in 5 deals
Q1 2016 – $94 million in 4 deals
Q4 2015 – $605 million in 8 deals
2016 Annual – $1.8 billion in 27 deals
2015 Annual – $5.9 billion in 38 deals
Announced Large-Scale Project Funding
Q4 2016 – $2.9 billion in 37 deals
Q3 2016 – $1.6 billion in 32 deals
Q2 2016 – $3.4 billion in 40 deals
Q1 2016 – $1.4 billion in 24 deals
Q4 2015 – $4.8 billion in 46 deals
2016 Annual – $9.4 billion in 133 deals
2015 Annual – $11.6 billion in 124 deals
Top Large-Scale Project Funding Deals in 2016 by Dollar Amount
• Engie raised $588 million from Rand Merchant Bank, Nedbank Capital, ABSA Capital, Investec, and the Development Bank of South Africa for the 100 MW Kathu CSP Solar Project in South Africa.
• Connor, Clark & Lunn Infrastructure, Samsung Renewable Energy and Six Nations of the Grand River Development secured a $482 million bond financing for the 100 MW Grand Renewable solar project.
• Connor, Clark & Lunn Infrastructure and Samsung Renewable Energy raised $482 million in bond financing for the 100 MW Kingston Solar Project located in the City of Kingston and Loyalist Township, Canada.
• S.Power also secured $434 million from KeyBanc Capital Markets, CIT Bank, CoBank ACB, Cooperatieve Rabobank, KeyBank, Nord/LB, Siemens Financial Services, PNC Energy Capital, U.S. Bancorp Community Development for the 183 MW Beacon Solar Projects in the United States.
• Magnetar Capital secured $397 million from Barclays, CBA, ING, La Caixa, Mitsubishi UFJ Financial Group (MUFG), and Natxis for a 135 MW solar portfolio in the U.K.
Residential/Commercial Solar Project Funds (aka third-party financing/lease/loan)
Q4 2016 – $1.5 billion in 8 deals
Q3 2016 – $1.1 billion in 5 deals
Q2 2016 – $1.36 billion in 11 deals
Q1 2016 – $1 billion in 6 deals
Q4 2015 – $650 million in 3 deals
2016 Annual – $4.9 billion in 30 deals
2015 Annual – $5.7 billion in 24 deals
Corporate M&A Transactions
Q4 2016 – $3 billion in 20 transactions (7 disclosed)
Q3 2016 – $344 million in 18 transactions (7 disclosed)
Q2 2016 – $7 million in 16 transactions (2 disclosed)
Q1 2016 – $17 million in 14 transactions (2 disclosed)
Q4 2015 – $243 million in 13 transactions (4 disclosed)
2016 Annual – $3.3 billion in 68 transactions (17 disclosed)
*2015 Annual – $3 billion in 80 transactions (28 disclosed)
*We have not included the announced SunEdison/Vivint M&A transaction in this report due to the change in the deal structure and the uncertainty surrounding the deal as SunEdison has backed out of several M&A transactions this year. We will include the deal when it actually closes.
Top M&A Transactions in 2016
• SolarCity was acquired by Tesla for $2.1 billion.
• Capital Stage acquired CHORUS Clean Energy for $356 million.
• Shangrao Kansheng Technology acquired 55 percent stakei n Jiangzi JinkoSolar Engineering.
• OCI Company acquired two polycrystalline silicon manufacturing units of Tokuyama Malaysia Sdn. Bhd. for $200 million.
• SunPower acquired AU Optronics Corporations’ portion of a fabrication facility in Melaka, Malaysia for $170 million.
Announced Large-Scale Project Acquisions
Q4 2016 – $2.1 in 73 transactions Q3 2016 – $1.3 in 55 transactions Q2 2016 – $1.9 in 40 transactions Q1 2016 – $1.2 in 50 transactions 2016 Annual – $6.5 billion in 218 transactions 2015 Annual – $7.3 billion in 204 transactions.
Top 5 Project Acquisitions by Dollar Amount in 2016
• $1.4 billion acquisition of India Solar (990 MW) and Wind (140 MW) Portfolio Projects located in India by Tata Power Renewable Energy.
• $392 million acquisition of solar and wind projects totaling 587 MW in India by Greenko Energy Holdings.
• $385 million acquisition of the 133 MW Alamo 6 Solar Project in the U.S. from OCI Solar Power by an undisclosed acquirer.
• $330 million acquisition of the 300 MW Stateline Solar Project (34 percent stake) in the U.S. by 8point3 Energy Partners from First Solar.
• $227 million acquisition of the 132 MW Alamo 7 Solar project in the U.S. by CanEdison Development from OCI Solar Power
Solar Initial Public Offering (IPO)
• 2016 Annual – $230 million in 3 deals
• 2015 Annual – $1.8 billion in 7 deals
• 2014 Annual – $2.1 billion in 7 deals
• 2013 Annual – $1.3 billion in 3 deals
Solar IPO Activity 2016
• BCPG, a Thai renewable power producer focused on solar energy and a subsidiary of Bangchak Petroleum, raised close to $166 million through its IPO in Thailand.
• Azure Power, an Indian solar project developer, raised $61.6 million in its IPO.
• Ripasso Energy, a developer and manufacturer of solar power systems based on a hybrid stirling engine, raised $2.6 million.
Yieldco IPOs
• While yieldcos raised $1.1 billion through IPOs in 2015, there was no IPO activity by yieldcos in 2016.
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