Corporate funding for the global solar sector last year totaled $24.1bn, down 13% from 2021, but was still the second best result in seven years as venture capital (VC) funding hit a record level, according to a new report by Mercom Capital.

Public market and debt financings were hurt by higher interest rates as many central banks took aggressive steps to confront decades-high inflation.

“The war in Ukraine has accelerated demand for solar around the world and the Inflation