Silicon Ranch wrangles more equity backing to fund growth

Silicon Ranch Corp. said it conducted a $600 million equity raise. Initial funding of $375 million closed in December with another $225 million expected to fund early this year.

The $375 million was led by existing Silicon Ranch shareholders, including Manulife Investment Management; TD Asset Management Inc., on behalf of TD Greystone Infrastructure Fund; and Mountain Group Partners.

Combined with a $775 million raise in early 2022, Silicon Ranch said it secured in excess of $1 billion in new equity capital over the past year. 

The Nashville-based company, which was founded in 2011, said it installed 11 new solar facilities in 2022 with nearly 700 MW of generating capacity. It also signed in excess of 1,100 MW in new contracted capacity, bringing the company’s contracted portfolio to more than 5 GW of solar and battery storage systems across the U.S. and Canada.

The company also reached equipment supply agreements in 2022 with First Solar, Nextracker, and SOLARCYCLE.

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Author: Renewable Energy World