Silicon Ranch has raised US$775 million in new equity capital to help progress on its existing project pipeline, enter new markets and pursue acquisitions.
The funding round was led by wealth manager Manulife Investment Management, which on behalf of Manulife Infrastructure Fund II and John Hancock, committed to around US$400 million of investment in the independent power producer (IPP).
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Other participants included existing shareholders O&G major Shell, which acquired a 43.83% stake in the business in 2018, as well as asset manager TD Greystone Infrastructure Fund (Global Master) and venture capital firm Mountain Group Partners.
Silicon Ranch said it holds a portfolio of more than 4GW of solar and energy storage projects in the US and Canada that are either contracted, under construction or operational. The intent is to use the proceeds of the funding round to grow that pipeline further, while also eyeing international expansion and strategic acquisitions.
Silicon Ranch acquired carbon offset firm Clearloop in September last year in order to bolster its offering for corporate buyers of renewable energy.
Reagan Farr, co-founder and CEO at Silicon Ranch, said the “significant” capital raise positions Silicon Ranch to play an important role in the global energy transition.
The new funding comes just over a year after the IPP raised US$225 million in equity capital to pursue a 1GW solar pipeline.
