Silicon Ranch Equity Raise Exceeds USD 55 Million
Independent power producer attracted more than USD 165 million of new equity capital during 2016
Jan 17, 2017, 09:00 ET
NASHVILLE, Tenn., Jan. 17, 2017 /PRNewswire/ -- Silicon Ranch Corporation, a leading U.S. developer, owner, and operator of solar energy plants, has closed on an equity investment round that raised in excess of USD 55 million. Partners Group, a global private markets investment manager with over USD 57 billion in assets under management, led the round with a USD 40 million commitment on behalf of its clients. Partners Group was joined in this investment round by other Silicon Ranch shareholders, including the Greystone Infrastructure Fund managed by Greystone Managed Investments Inc., a Canadian investment management firm with over CAD 30 billion under management.
Nashville-based Silicon Ranch is a full-service renewable energy provider that develops to own all of its projects for the long-term, a unique business model that distinguishes its approach to project development, design, construction, and operation, as well as its engagement with the communities it serves. The innovative company has been a first-mover in many geographies and works with a diverse set of customers, including utilities, military and defense facilities, small to large industrial facilities, and commercial businesses.
In closing this latest equity raise, Silicon Ranch attracted more than USD 165 million of new equity capital during the course of 2016. In April, the company announced a USD 100 million equity commitment from Partners Group on behalf of its clients, a platform investment that aligned the Swiss-headquartered firm with one of the fastest-growing independent power producers in the U.S. The scale of that investment supported a growth strategy that saw Silicon Ranch more than double its operating capacity for a second straight year. In addition to constructing more than a dozen new solar plants during 2016, Silicon Ranch added significantly to its pipeline through contracts with new and existing customers across the country.
Reagan Farr, Vice Chairman and Chief Financial Officer of Silicon Ranch said, "By any measure 2016 truly was a watershed year in our company's history. Every unit of our organization worked toward a common vision to achieve tremendous growth, and this significant investment by our shareholders allows us to accelerate this momentum in 2017."
Todd Bright, Head of Private Infrastructure in the Americas, Partners Group, said, "Since the initial platform investment in April 2016, we have worked closely with Silicon Ranch's excellent management team to facilitate an expansion of its growth plan. The additional investment by Partners Group on behalf of our clients will fund that growth as the company continues to enhance its position as a leader within its peer group in the U.S. solar energy sector."
David Vickerman, Vice Chairman and Chief Corporate Development Officer of Silicon Ranch said, "To have this additional support from our shareholders, including a pair of sophisticated, global investment managers, is a strong signal of their faith in what we are doing at Silicon Ranch. The scale of this investment positions us to build on our success by developing new projects, entering new markets, and actively looking for strategic acquisition opportunities."
Jeff Mouland, Executive Director and Head of Infrastructure Investments, Greystone, said, "Greystone has participated in every Silicon Ranch equity raise since our initial investment in 2014. Greystone's partnership with Silicon Ranch presents our institutional clients with a unique opportunity to partner with a proven, best-in-class developer, owner, and operator of solar energy plants across a variety of markets in the U.S."
About Partners Group
Partners Group is a global private markets investment management firm with over USD 57 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 900 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.
For more information about Partners Group, visit www.partnersgroup.com.
About Greystone Managed Investments
Founded in 1988, Greystone Managed Investments Inc. is a privately owned Canadian institutional investment manager. Employee-controlled, the firm is one of Canada's largest independent institutional money managers1 with over CAD 30 billion in assets under management. Greystone offers in-house expertise in fixed income, Canadian equities, U.S. equities, international equities, infrastructure, and real estate and mortgages. Greystone is headquartered in Regina, with offices in Toronto, Winnipeg and Hong Kong.
For more information about Greystone Managed Investments Inc., visit https://www.greystone.ca/.
1Top 40 Money Managers Report, Benefits Canada November 2016, based on Canadian pension assets as at June 30, 2016.
About Silicon Ranch Corporation
Silicon Ranch Corporation is based in Nashville, Tennessee, and is one of the fastest-growing developers, owners, and operators of solar energy plants in the United States. Silicon Ranch develops to own all of its projects for the long-term and brings the economic, environmental, and community benefits of commercial and utility-scale solar energy together in a full-service model that requires no capital investment from its stakeholders. Silicon Ranch benefits from the experience of its management team that has built over 2.5 gigawatts of conventional and renewable generation assets, including the first large-scale solar projects in Tennessee, Georgia, Arkansas, and Mississippi.
For more information about Silicon Ranch Corporation, visit www.siliconranchcorp.com.
Media Contact
Silicon Ranch Corporation
Matt Beasley
+1 615 577 4616
[email protected]
SOURCE Silicon Ranch Corporation