Renewable Energy Provider Silicon Ranch Raising $600 Million
Community-focused renewable energy carbon, and battery storage solutions provider Silicon Ranch Corporation announced today a $600 million equity raise, aimed at funding the company’s growth and supporting future capital investments in rural communities across the US.
The funding round includes $375 million closed in December 2022, and an additional $225 million expected in early 2023.
Founded in 2011, Nashville-based Silicon Ranch is one of the largest independent power producers in the US, with a portfolio that includes more than five gigawatts of solar and battery storage systems that are contracted, under construction or operating across the U.S. and Canada. In 2022, Silicon Ranch installed 11 new solar facilities, with nearly 700 MW of generating capacity.
Reagan Farr, Co-Founder and CEO of Silicon Ranch, said:
“Silicon Ranch has an important role to play in the energy transition, but what makes the work we do so rewarding is to witness the positive impact of our significant investments in communities all across this country.”
The new funding round follows a capital raise of $775 million by the company in early 2022. With the new funding, the company said that it plans to grow its team to support engineering, procurement, and construction for its contracted pipeline, operate and maintain its growing operating portfolio of more than 150 PV plants across 15 states and accelerate its growth strategy with the development of new projects to meet customer needs in markets across the country.
The $375 million raised in December 2022 was led by existing shareholders, including Manulife Investment Management, TD Asset Management, and Mountain Group Partners.
Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management, said:
“With its unique business model, disciplined growth strategy, and talented team, Silicon Ranch is well positioned to navigate a rapidly evolving landscape and enter attractive markets with speed, efficiency, and creativity. We are committed to making impactful investments in sustainable real assets and are pleased to partner with a pioneering, innovative, and principled industry leader.”