The solar industry experienced a significant surge in funding and deal activity in early 2026, with corporate financing reaching $15.45 billion and project acquisitions hitting a new high, driven by policy clarity and strong demand.
Solar funding and deal-making strengthened sharply in the first quarter of 2026, with Mercom Capital Group saying the sector secured $15.45 billion in corporate financing as debt lending climbed to its highest level in more than a decade.
According to the US research firm, debt financing totalled $12.39 billion across 28 transactions, accounting for the clear bulk of capital raised between January and March. Venture capital investment came in at $1.1 billion across 17 deals, down 21% from a year earlier, while public market financing also reached $1.1 billion across eight deals.
Mercom said the largest venture-backed companies in the quarter were Inox Clean Energy, Clean Max Enviro Energy Solutions, Amarenco, GREW Solar and Radiance Renewables. The firm did not indicate that the ranking reflected any broader shift in technology, but the list underlines continued investor interest in developers and platform businesses, particularly in markets such as India and Europe.
Deal activity in solar projects was also robust. Mercom counted 18.4GW of project acquisitions in the quarter, the highest level since 2022, alongside 28 corporate mergers and acquisitions transactions. Developers and independent power producers accounted for 11.9GW of those acquisitions, while investment firms and infrastructure funds bought 3.8GW. Utilities acquired a further 830MW.
Raj Prabhu, Mercom Capital Group’s chief executive, said improved policy clarity and solid demand had helped lift both funding and M&A activity. He added that capital was flowing to projects able to move ahead quickly, as developers sought to advance work after earlier policy and financing uncertainty and to beat tax credit deadlines.
The quarterly figures come amid a broader run of large-scale renewable energy transactions. In February, TerraForm Power, an affiliate of Brookfield Asset Management, announced the acquisition of the 1.56GW Steward Creek solar project in Illinois from Hexagon Energy, a deal that expanded its pre-construction solar and storage pipeline to nearly 7GW. Later that month, Perch Energy said it had bought Solstice from Mitsui, strengthening its position in the US community solar market. In January, Amazon was approved as buyer of the 1.2GW Sunstone solar-and-storage project in Oregon after the project’s former owner, Pine Gate Renewables, filed for bankruptcy last year.
Taken together, the transactions suggest that despite wider uncertainty around capital costs and policy transitions, investors and strategic buyers are still backing projects and platforms with near-term execution potential. For industrial decarbonisation stakeholders, the signal is clear: solar remains one of the few clean-energy segments where financing is still scaling materially, even as capital is increasingly concentrated in assets that can be built and connected quickly.
- https://www.pv-magazine-australia.com/2026/05/06/solar-sector-raises-15-45-billion-in-q1-2026-as-debt-financing-hits-decade-high/ – Please view link – unable to able to access data
- https://www.pv-magazine-australia.com/2026/05/06/solar-sector-raises-15-45-billion-in-q1-2026-as-debt-financing-hits-decade-high/ – In the first quarter of 2026, the global solar sector secured $15.45 billion in corporate funding, with debt financing reaching $12.39 billion across 28 deals—the highest level in over a decade. Venture capital funding amounted to $1.1 billion across 17 deals, while public market financing also reached $1.1 billion across eight deals. The five largest VC-funded companies were Inox Clean Energy, Clean Max Enviro Energy Solutions, Amarenco, GREW Solar, and Radiance Renewables. Solar project acquisitions totalled 18.4 GW, the highest capacity since 2022, with developers and independent power producers accounting for 11.9 GW, investment firms and infrastructure funds at 3.8 GW, and utilities acquiring 830 MW. The quarter included 28 corporate mergers and acquisitions transactions. Improved policy clarity and strong demand led to an increase in solar funding and M&A activity in Q1 2026, with investments focused on assets that can advance in the near term as projects moved forward following earlier policy and financing uncertainty, and developers accelerated timelines ahead of tax credit milestones.
- https://pv-magazine-usa.com/2026/05/05/solar-sector-raises-11-1-billion-in-q1-2026-as-debt-financing-hits-decade-high/ – In the first quarter of 2026, global corporate funding in the solar sector reached $11.1 billion, with debt financing at its highest level in more than 10 years, according to Mercom Capital Group. Debt financing accounted for $8.9 billion across 28 deals, while venture capital funding totalled $1.1 billion across 17 deals, down 21% year over year, and public market financing also reached $1.1 billion across eight deals. The five largest VC-funded companies were Inox Clean Energy, Clean Max Enviro Energy Solutions, Amarenco, GREW Solar, and Radiance Renewables. Solar project acquisitions totalled 18.4 GW, the highest capacity since 2022, with developers and independent power producers accounting for 11.9 GW, investment firms and infrastructure funds at 3.8 GW, and utilities acquiring 830 MW. The quarter included 28 corporate mergers and acquisitions transactions. Improved policy clarity and strong demand led to an increase in solar funding and M&A activity in Q1 2026, with investments focused on assets that can advance in the near term as projects moved forward following earlier policy and financing uncertainty, and developers accelerated timelines ahead of tax credit milestones.
- https://www.globenewswire.com/news-release/2026/02/02/3230318/32022/en/TerraForm-Power-Announces-Acquisition-of-1-56-GW-Solar-Project-from-Hexagon-Energy-in-Lee-County-Illinois.html – TerraForm Power, an affiliate of Brookfield Asset Management, announced the acquisition of the Steward Creek Solar project, a 1.56 gigawatt (GW) solar project under development in Lee County, Illinois, from Hexagon Energy. This project ranks among the largest solar PV projects in the United States and expands TerraForm’s pre-construction pipeline of solar and battery storage projects to nearly 7 GW, primarily located in PJM and SERC regions. The acquisition highlights TerraForm’s ability to deliver renewable energy at scale during a period of unprecedented power demand and grid constraints.
- https://www.globenewswire.com/news-release/2026/02/18/3240155/0/en/perch-energy-announces-acquisition-of-mitsui-s-solstice-solidifying-the-company-as-the-us-leader-in-community-solar.html – Perch Energy announced the acquisition of Solstice, a leading and fast-growing service provider specializing in customer acquisition and management for community solar development, formerly owned by MyPower, a wholly-owned subsidiary of Mitsui & Co. This deal further establishes Perch as the most experienced and largest pure-play community solar acquisition and management servicing platform in the U.S., strengthening its acquisition and management capabilities and market footprint across all community solar markets.
- https://enact.solar/enact-solar-and-pvcomplete-unite-to-create-industrys-first-end-to-end-ai-enabled-solar-software-platform/ – Enact Solar, developer of an AI-enabled solar software platform, announced its acquisition of PVComplete, a pioneering solar engineering and design software company. This strategic combination creates the industry’s first comprehensive platform that seamlessly connects solar project conception through construction and ongoing asset management, powered by artificial intelligence. The combined software platform brings together PVComplete’s industry-leading design and engineering capabilities with Enact’s solar software platform, which includes design, proposal creation, asset management, fleet monitoring, and system maintenance.
- https://now.solar/2026/01/17/amazon-buys-1-2gw-sunstone-solar-plus-storage-project-from-bankrupt-pine-gate-pv-tech/ – Amazon has been approved as the buyer of the 1.2GW Sunstone solar project in Oregon, one of the largest solar PV projects in the US. The Sunstone site was developed and previously owned by Pine Gate Renewables, which filed for bankruptcy in November 2025. It includes 1.2GW of solar PV and 1.2GW of battery energy storage system (BESS) capacity, which is ready to build, having received permitting and approvals from the Oregon Energy Facility Siting Council (EFSC). Amazon’s acquisition was approved by the Bankruptcy Court for the Southern District of Texas, which granted its offer of US$83 million in cash via its specific project subsidiary, Oregon Solar I.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on May 6, 2026, which is recent. However, similar reports from Mercom Capital Group were published on May 4, 2026, indicating that the content may have been republished across different platforms. ([mercomcapital.com](https://mercomcapital.com/solar-companies-raise-over-11-billion-in-corporate-funding/?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes a direct quote from Raj Prabhu, CEO of Mercom Capital Group. However, the exact source of this quote is not provided, making independent verification challenging. ([mercomcapital.com](https://mercomcapital.com/solar-companies-raise-over-11-billion-in-corporate-funding/?utm_source=openai))
Source reliability
Score:
6
Notes:
The primary source, Mercom Capital Group, is a reputable research firm. However, the article relies heavily on their data without independent corroboration, which may limit objectivity. ([mercomcapital.com](https://mercomcapital.com/solar-companies-raise-over-11-billion-in-corporate-funding/?utm_source=openai))
Plausibility check
Score:
8
Notes:
The reported figures align with industry trends, but the lack of independent verification raises questions about accuracy. ([mercomcapital.com](https://mercomcapital.com/solar-companies-raise-over-11-billion-in-corporate-funding/?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents recent data on solar sector funding but relies heavily on a single source without independent verification, raising concerns about accuracy and objectivity. ([mercomcapital.com](https://mercomcapital.com/solar-companies-raise-over-11-billion-in-corporate-funding/?utm_source=openai))
