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Shell-backed solar PV developer Silicon Ranch raises $600mn in equity funding round

image credit: Enerdatics
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Founder, Enerdatics

Building Enerdatics. Leadership experience in a high growth SaaS company and secured a successful exit. A natural leader who cares about creating value for all stakeholders. Extensive experience...

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  • Jan 6, 2023

The funding consists of $375mn committed in Dec '22, led by existing shareholders which include Manulife Investment Management, TD Asset Management and Mountain Group Partners. Silicon Ranch expects to close the additional $225mn in early-2023. The move marks the raising of ~$1.1bn of equity capital by Silicon Ranch during 2022, building on a $775mn funding round closed earlier during the year. The round marked the entry of Manulife Investment Management into Silicon Ranch’s investor pool, with follow-on capital commitments from Shell, TD and Mountain Group.

The company plans to deploy the funds to grow its team in 2023 to support engineering, procurement, and construction (EPC) for its contracted pipeline, which comprises more than 5 GW of solar and battery energy storage systems (BESS) across the United States and Canada. The funds will also be allocated towards growing its operating portfolio of more than 150 PV plants across 15 US states and accelerating its expansion strategy with the development of projects in new markets across the country. In 2022, Silicon Ranch installed nearly 700 MW of fresh capacity across 11 utility-scale installations and added a record 1.1 GW to its development pipeline.

As per Enerdatics’ research, the single largest shareholder in Silicon Ranch is Shell, who acquired Partners Group’s ~44% stake in the company in 2018 for $217mn. Partners Group continues to be an investor in Silicon Ranch through a junior debt facility that was finalized simultaneously with the Shell investment.


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