Solar market ‘significantly hit’ by coronavirus crisis

Between January and March, total corporate funding in the solar PV sector dropped by 31% compared with last year, according to a new report

Coronavirus crisis has brought corporate funding in solar photovoltaics (PV) sector into a halt.

That’s according to the recent report from GlobalData, which suggests between January and March this year, total corporate funding in the solar PV sector amounted to $1.9 billion (£1.5bn), a 31% drop from the $2.8 billion (£2.2bn) achieved last year.

Furthermore, it says global venture capital funding in the solar PV sector amounted to $145 million (£116m) in the first quarter, which is ‘significantly’ less compared than the $350 million (£280) recorded in the fourth quarter of 2019.

Somik Das, Senior Power Analyst at GlobalData, commented: “Funding levels dropped in the first quarter of 2020 as the pandemic brought the global economy to a halt. Most large economies are forced to shut down and there is minimal activity in the solar PV market.

“The worst may be yet to come, but the solar PV sector is hopeful that activity will pick up in the second half of the year. Once the pandemic is over, the funding will pick up pace and the solar PV market would be on course to get back to shape.”

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