Shell-backed Silicon Ranch closes funding to sustain more than 1GW of brand-new solar
- United States independent power producer Silicon Ranch Corporation has actually shut an investment round that brought in US$ 225 million in new equity capital.
The round was funded by the company's existing shareholders, that includes oil and gas major Shell and institutional capitalists TD Greystone Infrastructure Fund and Mountain Group Partners.
Nashville-based Silicon Ranch stated it will make use of the equity raise to sustain the building and construction of greater than 1GW of brand-new solar projects over the following 2 years along with to go into brand-new markets and also seek strategic purchase possibilities.
The firm's portfolio consists of greater than 2.5 GW of solar PV systems that are gotten, incomplete or operational in greater than 15 US states.
Reagan Farr, founder and also CEO of Silicon Ranch, claimed the business is "honoured" by the assistance from its investors, whose commitment "will assist fuel our development and enable us to make meaningful capital investments in areas throughout the country".
Shell revealed in 2018 a bargain to get a 43.83% rate of interest in Silicon Ranch for as much as US$ 217 million. The contract also consisted of the possibility for Shell to increase its setting after 2021. While Silicon Ranch is described as Shell's US solar platform, the oil company also has a large solar existence elsewhere thanks to its purchase of risks in both Southeast Asian installer Cleantech Solar and also Australian PV developer ESCO Pacific.
"Silicon Ranch has actually tripled its acquired portfolio because our first system investment in 2018 and continues to thrill with its performance history of effective project delivery," said Elisabeth Brinton, executive vice president of new energies at Shell.
Along with creating what is said to be Tennesse's largest solar PV project, Silicon Ranch additionally has contracts to construct solar farms to power Facebook data centres in Georgia, with the 107MWac Snipesville II plant due to come on-line following year.
