Corporate funding in the solar sector reached $25.1 billion in the first nine months of 2026, up 45% from the $17.3 billion raised in the same period of 2025. The total includes venture capital (VC), public market and debt financing. The number of deals rose 35% year on year, to 172 from 127. Amid trade restrictions, Waaree Energies is shifting its solar production to the United States in the face of tariffs.

Debt drives the increase in funding

Announced debt financing totaled $20.4 billion across 80 deals in nine months, 61% more than in 2025, when $12.7 billion was raised across 60 deals. In the third quarter, solar corporate funding reached $8.2 billion across 77 deals, compared with $6.5 billion across 49 deals a year earlier. Debt accounted for the largest share, with $7.2 billion raised across 36 deals.

Public markets also advanced: $2.7 billion across 32 deals in nine months, 59% more than the $1.7 billion raised across 12 deals in 2025. The period's six securitization deals totaled $1.2 billion, down 61% from the $3.1 billion raised in seven deals in 2025.

Venture capital falls 31%

Venture capital raised $2 billion across 60 deals, compared with $2.9 billion across 55 deals in the first nine months of 2025, a 31% decrease. Downstream solar companies led activity, with 39 deals worth $1.3 billion. In total, 192 VC investors took part in funding for the sector.

The largest rounds were raised by Inox Clean Energy ($343 million), Nexamp ($180 million), Clean Max Enviro Energy Solutions ($165 million), Amarenco ($150 million) and Erco ($129 million). On the ground, Generate and TurningPoint Energy open a 3.5 MWac community solar plant in Illinois.