Shell acquires interest in Silicon Ranch Corporation

Facebook
Twitter
LinkedIn
Reddit
Email
Credit: Phoenix Solar

Oil and gas giant Shell has signed an agreement to acquire a 43.83% interest stake in US solar developer Silicon Ranch Corporation from investment manager Partners Group for US$193-217 million.

Subject to regulatory approvals, the transaction is expected to close in Q1 2018. Shell also has the option to increase its ownership after 2021.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Partners Group will continue to support Silicon Ranch through a newly issued junior debt financing simultaneous with the closing of the sale.

Nashville-based Silicon Ranch will continue to operate under its existing management and the Silicon Ranch brand. The firm has doubled its operating portfolio for three consecutive years, with approximately 880MW of PV systems contracted, under construction, or operating in 14 states, with a further 1GW in the pipeline.

The company said that the transaction would enable it to accelerate its growth strategy by developing new projects, entering new markets, and expanding product offerings across its portfolio.

“We were impressed by Silicon Ranch's proven track record, its market-led development strategy, and its long-term ownership model and commitment to the communities it serves,” said Marc van Gerven, Shell vice president of Solar. “Partnering with Silicon Ranch progresses our New Energies strategy and provides our US customers with additional solar renewable options. With this entry into the fast-growing solar sector, Shell is able to leverage its expertise as one of the top three wholesale power sellers in the US, while expanding its global New Energies footprint.”

Matt Kisber, Silicon Ranch co-founder and CEO, said: “By pairing our solar expertise and trusted brand with the scale, resources, and brand equity of Shell, we are well-equipped to collaborate with our utility partners to provide comprehensive, win-win energy solutions for them and their customers.”

Last week, Shell announced it was developing a 20MW solar plant at Moerdijk in the Netherlands where it runs one of Europe's largest petrochemicals manufacturing sites.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

June 17, 2024
The California Independent System Operator (CAISO) has taken control of a 500kV, 125-mile transmission line between California and Arizona.
June 17, 2024
German renewable energy developer Juwi has completed the construction of a 223MW solar PV project in the US state of Colorado.
Sponsored
June 17, 2024
This year at SNEC, the booth of Quanwei Solar Technology (QW Solar) attracted many visitors to participate in its interactive experiments.
June 14, 2024
Ørsted has commissioned its Helena Energy Center in the US state of Texas, a 518MW co-located solar and wind project.
June 14, 2024
US renewable energy project developer Ameren Missouri has acquired a 150MW solar PV project in the state of Illinois.
Premium
June 14, 2024
PV Tech Premium looks at FERC's recent ruling on Order 1920 and how it will affect transmission planning in the future.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia