U.S. Solar Platform for Shell Raises $775 M in New Equity Capital

Nashville-based Silicon Ranch Corporation, an independent power producer in the U.S. and the American solar platform for Shell, has raised $775 million in new equity capital.

The equity raise will support continued execution of Silicon Ranch’s business plan, including construction of its contracted pipeline and the acceleration of its customer-led growth strategy, by developing new projects, entering new markets, and pursuing strategic acquisition opportunities, the company said.

Manulife Investment Management, on behalf of Manulife Infrastructure Fund II and John Hancock, led the round with a ~$400 million commitment, its first investment in solar developer Silicon Ranch. Manulife Investment Management is joined in the round by the existing  shareholders of the solar developer, including Shell, TD Greystone Infrastructure Fund (Global Master) L.P., and Mountain Group Partners. Subject to regulatory approvals, the transaction is expected to close in Q1 2022.

Since closing a $225 million raise in December 2020, the company has more than doubled its operating capacity and grown its total contracted portfolio by more than 80%, said Silicon Ranch.

“As a society we are still in the early stages of the global energy transition and find ourselves at an inflection point defined by both critical need and enormous opportunity,” said Reagan Farr, Co-Founder and CEO of Silicon Ranch.

“This significant capital raise positions Silicon Ranch to play an important role in this transition and enables us to deliver customer solutions and make meaningful capital investments in the rural communities we serve. Silicon Ranch is honored to welcome Manulife Investment Management as our newest business partner, and we thank them and our existing shareholders for the trust and confidence they have placed in our team.”

“We are pleased to make this investment on behalf of our clients and thrilled to become long-term equity partners with Silicon Ranch,” said Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management.

“We view Silicon Ranch as an innovative leader in the U.S. energy sector and look forward to working closely with its talented management team to grow and scale the business in the years to come.”