SHELL-backed Silicon Ranch, one of the largest independent power producers in the US, has raised $775 million in new equity capital in a funding round led by Man-ulife Investment Management. Manulife Investment Management, which committed $400 million, was joined by current Silicon Ranch shareholders, such as Shell, TD Greystone Infrastructure Fund and Mountain Group Partners. The transaction is expected to close in the first quarter of 2022. "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 chief executive 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 has a portfolio of renewable energy, carbon and battery storage solutions across North America, with more than 4 gigawatts of solar and battery storage systems contracted, under construction, or operating in the US and Canada. The Nashville-based company was founded in 2011 and focuses on utility-scale solar in the US Southeast.
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