Silicon Ranch Closes $225 Million Equity Raise with Existing Shareholders
Funding will support capital investments in communities across the U.S.
Dec 15, 2020, 13:57 ET
NASHVILLE, Tenn., Dec. 15, 2020 /PRNewswire/ -- Silicon Ranch Corporation, the U.S. solar platform for Shell and one of the nation's largest independent power producers, has closed an investment round that attracted $225 million in new equity capital. The round was funded entirely by existing Silicon Ranch shareholders, which include Shell and institutional investors TD Greystone Infrastructure Fund (Global Master) L.P., managed by TD Asset Management Inc., and Mountain Group Partners.
Nashville-based Silicon Ranch is a fully integrated provider of customized renewable energy and storage solutions for a diverse set of partners across the United States. The company's portfolio includes more than 2.5 gigawatts (GW) of PV systems that are contracted, under construction, or operating in more than 15 states coast to coast. Silicon Ranch has successfully commissioned every project it has contracted since the company's inception and has further distinguished itself through its commitment to own and operate each project in its portfolio for the long term.
The equity raise will support construction of well over 1 GW of new solar projects over the next two years and enable Silicon Ranch to accelerate its growth strategy by developing new projects, entering new markets, and pursuing strategic acquisition opportunities.
"A decade ago, we launched Silicon Ranch based on our shared faith in a certain set of values, and since day one, our talented team has helped us earn our reputation as a pioneering, innovative, and principled industry leader," said Reagan Farr, Co-Founder and CEO of Silicon Ranch. "Silicon Ranch is honored by this strong support from our shareholders, whose commitment today will help fuel our growth and enable us to make meaningful capital investments in communities across the country."
"We are proud of Silicon Ranch's strong performance and excited about the future together as Shell helps more customers meet their renewable energy goals while progressing our own ambition to be a net-zero emissions energy business," said Elisabeth Brinton, Executive Vice President of New Energies at Shell. "Silicon Ranch has tripled its contracted portfolio since our initial platform investment in 2018 and continues to impress with its track record of successful project delivery and strong customer-led growth strategy."
"TD Asset Management is proud to support the continued growth of Silicon Ranch through the TD Greystone Infrastructure Fund. This follow-on investment, our fifth since 2014, highlights the fund's commitment to investing in sustainable companies that are committed to maintaining high environmental, social and governance standards on behalf of our clients," said Jeff Mouland, Head of Infrastructure Investments at TD Asset Management. "Silicon Ranch has consistently exceeded its own ambitious growth targets and continues to present our clients with a unique opportunity to gain exposure to a world-class independent power producer and leader among its industry peers."
"Since our first investment in 2011, Mountain Group Partners has worked closely with the company's excellent management team as Silicon Ranch has grown from an idea to become one of the top solar companies in America," said Byron Smith, Managing Director of Mountain Group Partners. "It has been truly rewarding to see this company grow through a steadfast devotion to its guiding principles and an unwavering commitment to the partners and communities it serves."
About Silicon Ranch Corporation
Silicon Ranch is the U.S. solar platform for Shell and one of the largest independent power producers in the country. The company has distinguished itself by pioneering new markets for utility-scale solar and has expanded its footprint with more than 140 operating facilities across more than 15 states from New York to California. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. In recognition of its holistic approach to land management, which the company has trademarked Regenerative Energy®, Silicon Ranch was named 2020's "Most Forward-Thinking" company by Solar Power World. To learn more, visit siliconranch.com and follow on Facebook, Instagram, Twitter, and LinkedIn.
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SOURCE Silicon Ranch Corporation
