The initial funding of $375 million closed in December 2022, with an additional $225 million expected to fund in early 2023. Combined with $775 million raised in early 2022, the independent power producer has raised more than $1 billion over the last year.
The equity raised caps off another record year for Silicon Ranch. Despite a volatile year marked by global supply chain constraints across the solar industry, the company successfully installed 11 new solar facilities in 2022 that produce nearly 700 MW of new generating capacity, a company record. In addition, Silicon Ranch set a company record for growth by signing more than 1,100 MW in new contracted capacity in 2022, bringing the company’s contracted portfolio to more than 5 GW of solar and battery storage systems across the United States and Canada.
With the $1 billion raised in the last year, the company plans to grow its team in 2023 to support engineering, procurement and construction (EPC) for its contracted pipeline; operate and maintain its growing operating portfolio of more than 150 PV plants across 15 states; and accelerate its growth strategy with the development of new projects to meet customer needs in markets across the country.
“Silicon Ranch has an important role to play in the energy transition, but what makes the work we do so rewarding is to witness the positive impact of our significant investments in communities all across this country,” said Reagan Farr, cofounder and CEO of Silicon Ranch. “This meaningful work and the outcomes we deliver would not be possible without the dedication of our teammates, the commitment of our customers, and the support of our shareholders.”
The $375 million that funded in December 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.
“With its unique business model, disciplined growth strategy and talented team, Silicon Ranch is well-positioned to navigate a rapidly evolving landscape and enter attractive markets with speed, efficiency, and creativity,” said Recep Kendircioglu, head of infrastructure investments at Manulife Investment Management. “We are committed to making impactful investments in sustainable real assets.”
Founded in 2011, Nashville-based Silicon Ranch is a fully integrated provider of customized renewable energy, carbon and battery storage solutions for a diverse set of partners across North America. Over the past dozen years, Silicon Ranch has built a reputation as an industry pioneer by opening up new markets across the Southeast, developing a transformative approach to land management with its Regenerative Energy platform, and launching an innovative method for businesses to reclaim their carbon footprint with its Clearloop carbon solutions platform.
— Solar Builder magazine