According to S&P Global Market Intelligence, private equity and venture capital activity in the U.S. solar industry is poised to hit a four-year low in 2024, while private inflows into the sector globally have rebounded.
Key highlights from S&P Global Market Intelligence’s latest data and analysis include:
- Private equity inflows into US residential and utility-scale solar from Jan. 1 to Nov. 26 amounted to $3.1 billion, about 24.6% lower than the total reached in 2023 and making up just 7.3% of the $42.54 billion amassed in 2021.
- Worldwide, deal value in residential solar and utility-scale solar amounted to $25.04 billion, an approximately 52% increase from the $16.46 billion in full year 2023.
- Europe, including the UK, attracted most of the private equity investments in residential and utility-scale solar, with 23 deals exceeding $20 billion. The value of private equity deals involving UK-based renewable energy companies has already surpassed private investments in the US renewable energy sector this year.
- The U.S. and Canada had the second-highest deal value at $3.25 billion across seven solar deals. Asia-Pacific, including China, followed next with 20 deals worth more than $795 million.
- The largest private equity-backed solar energy deal announced so far in 2024 is Energy Capital Partners’ planned $7.87 billion acquisition of UK-based Atlantica Sustainable Infrastructure.
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