Shell-backed Silicon Ranch closes funding to support more than 1GW of new solar

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Silicon Ranch’s portfolio includes more than 2.5GW of solar PV systems that are contracted, under construction or operational. Image: Silicon Ranch.

US independent power producer Silicon Ranch Corporation has closed an investment round that attracted US$225 million in new equity capital.

The round was funded by the company’s existing shareholders, which includes oil and gas major Shell and institutional investors TD Greystone Infrastructure Fund and Mountain Group Partners.

Nashville-based Silicon Ranch said it will use the equity raise to support the construction of more than 1GW of new solar projects over the next two years as well as to enter new markets and pursue strategic acquisition opportunities.

The firm’s portfolio includes more than 2.5GW of solar PV systems that are contracted, under construction or operational in more than 15 US states.

Reagan Farr, co-founder and CEO of Silicon Ranch, said the company is “honoured” by the support from its shareholders, whose commitment “will help fuel our growth and enable us to make meaningful capital investments in communities across the country”.

Shell announced in 2018 a deal to acquire a 43.83% interest in Silicon Ranch for up to US$217 million. The agreement also included the possibility for Shell to increase its position after 2021. While Silicon Ranch is described as Shell’s US solar platform, the oil firm also has a large-scale solar presence elsewhere thanks to its purchase of stakes in both Southeast Asian installer Cleantech Solar and Australian PV developer ESCO Pacific.

“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,” said Elisabeth Brinton, executive vice president of new energies at Shell.

As well as developing what is said to be Tennesse’s largest solar PV project, Silicon Ranch also has agreements to construct solar farms to power Facebook data centres in Georgia, with the 107MWac Snipesville II plant due to come online next year.

Read Next

March 31, 2021
Renewables investor Cubico Sustainable Investments has completed its acquisition of a European 272MW solar power platform called Grupo T-Solar from I Squared Capital.
March 30, 2021
Local authorities in New South Wales, Australia, have given French independent power producer Neoen the green light to develop a large scale solar-plus-storage production facility in the region despite receiving 50 complaints from members of the public.
March 23, 2021
Lightsource bp has been selected to build, own and operate seven solar arrays in Pennsylvania that will provide nearly half of the state government’s electricity.
March 15, 2021
US utility Florida Power & Light (FPL) has filed a four-year rate plan that could see 894MW of solar PV systems added to the grid.
March 15, 2021
E-commerce giant Amazon is to invest in the development of a 62MW ground-mounted solar network in Singapore.
March 11, 2021
French independent power producer (IPP) Neoen is aiming to more than double its renewable power capacity in the next four years.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021