Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

Large-Scale Solar Project Funding Grew by $5 Billion in 2013

Business

Funding for large-scale, solar energy projects across the globe grew immensely in 2013.

According to a year-end report from Mercom Capital Group, corporations and undisclosed investors financed projects with about $5 billion more in 2013 than the year before. Large-scale project investments were $13.6 billion last year, compared to $8.7 billion in 2012. 

“While venture funding levels were down, overall fundraising was up and public market financings were really strong in 2013,” Raj Prabhu, chief executive of Mercom Capital Group, told P-VTech.org.

“Higher valuations among public solar companies have opened up the capital markets again as an avenue for fundraising at attractive terms. IPOs [Initial Public Offerings] are back.”

Graphic credit: Mercom Capital Group

To that end, seven IPOs combined to provide more than $1 billion for solar projects. Overall, public market financing for 39 deals grew to $2.8 billion in 2013, up from 
$893 million in 2012 and $1 billion in 2011.

Warren Buffet's MidAmerican Energy Holdings completed a $1 billion bond deal for the most expensive project of the year—the 579-megawatt (MW) Solar Star Development in Southern California. The two-farm project should be complete in 2015.

Merger and acquisition activity around the world nearly doubled in 2013 to $12.7 billion, according to the Mercom report.

Graphic credit: Mercom Capital Group

In Mercom's 2014 outlook released last month, the Texas firm pointed out that residential projects are still the main drivers of solar growth in the U.S. Solar residential and commercial lease funds showed growth in 2013, totaling $3.34 billion. That's a 69-percent increase from 2012. The companies and investors raised $1 billion in the fourth quarter alone.

Last month, Mercom predicted 43 gigawatts of new solar projects in 2014 in the U.S.

Visit EcoWatch’s RENEWABLES page for more related news on this topic.

EcoWatch Daily Newsletter

Residents plant mangroves on the coast of West Aceh District in Indonesia on Feb. 21, 2020. Mangroves play a crucial role in stabilizing the coastline, providing protection from storms, waves and tidal erosion. Dekyon Eon / Opn Images / Barcroft Media via Getty Images

Mangroves play a vital role in capturing carbon from the atmosphere. Mangrove forests are tremendous assets in the fight to stem the climate crisis. They store more carbon than a rainforest of the same size.

Read More Show Less
UN World Oceans Day is usually an invite-only affair at the UN headquarters in New York, but this year anyone can join in by following the live stream on the UNWOD website from 10 a.m. to 5 p.m. EST. https://unworldoceansday.org/

Monday is World Oceans Day, but how can you celebrate our blue planet while social distancing?

Read More Show Less
Cryptococcus yeasts (pictured), including ones that are hybrids, can cause life-threatening infections in primarily immunocompromised people. KATERYNA KON/SCIENCE PHOTO LIBRARY / Getty Images

By Jacob L. Steenwyk and Antonis Rokas

From the mythical minotaur to the mule, creatures created from merging two or more distinct organisms – hybrids – have played defining roles in human history and culture. However, not all hybrids are as fantastic as the minotaur or as dependable as the mule; in fact, some of them cause human diseases.

Read More Show Less
National Trails Day 2020 is now titled In Solidarity, AHS Suspends Promotion of National Trails Day 2020. The American Hiking Society is seeking to amplify Black voices in the outdoor community and advocate for equal access to the outdoors. Klaus Vedfelt / DigitalVision / Getty Images

This Saturday, June 6, marks National Trails Day, an annual celebration of the remarkable recreational, scenic and hiking trails that crisscross parks nationwide. The event, which started in 1993, honors the National Trail System and calls for volunteers to help with trail maintenance in parks across the country.

Read More Show Less
Indigenous people from the Parque das Tribos community mourn the death of Chief Messias of the Kokama tribe from Covid-19, in Manaus, Brazil, on May 14, 2020. MICHAEL DANTAS / AFP / Getty Images

By John Letzing

This past Wednesday, when some previously hard-hit countries were able to register daily COVID-19 infections in the single digits, the Navajo Nation – a 71,000 square-kilometer (27,000-square-mile) expanse of the western US – reported 54 new cases of what's referred to locally as "Dikos Ntsaaígíí-19."

Read More Show Less
World Environment Day was put into motion almost fifty years ago by the United Nations as a response to a multitude of environmental threats. RicardoImagen / Getty Images

It's a different kind of World Environment Day this year. In prior years, it might have been enough to plant a tree, spend some extra time in the garden, or teach kids the importance of recycling. This year we have heavier tasks at hand. It's been months since we've been able to spend sufficient time outside, and as we lustfully watch the beauty of a new spring through our kitchen's glass windows, we have to decide how we'll interact with the natural world on our release, and how we can prevent, or be equipped to handle, future threats against our wellbeing.

Read More Show Less

Trending

Experts are worried that COVID-19, a primarily respiratory and airway disease, could have permanent effects on lungs, inhibiting the ability for divers to continue diving. Tiffany Duong / Ocean Rebels

Scuba divers around the world are holding their metaphorical breath to see if a coronavirus infection affects the ability to dive.

Read More Show Less