Silicon Ranch Raises $775 Million in Equity Funding Led by Manulife Investment Management – EQ Mag Pro
Independent power producer has raised $1 billion in the past year to fund its rapid growth across North America
NASHVILLE : Silicon Ranch Corporation, one of the largest independent power producers in the U.S., announced today that it has raised $775 million in new equity capital. Manulife Investment Management, on behalf of Manulife Infrastructure Fund II and John Hancock, led the round with a ~$400 million commitment, its first investment in the company.
Manulife Investment Management is joined in the round by existing Silicon Ranch shareholders, including Shell, TD Greystone Infrastructure Fund (Global Master) L.P., and Mountain Group Partners. Subject to regulatory approvals, the transaction is expected to close in Q1 2022.
The equity raise caps off another record year for Nashville-based Silicon Ranch. Since closing a $225 million raise in December 2020, the company has more than doubled its operating capacity and grown its total contracted portfolio by more than 80%. 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, with a portfolio that includes more than 4 gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada. In September 2021, the company acquired clean tech pioneer Clearloop to expand Silicon Ranch’s offering to the growing number of corporate buyers who are seeking to meet not only renewable energy targets but also decarbonization and broader ESG goals.
Founded in 2011, Silicon Ranch pioneered utility-scale solar in the Southeast with the first large-scale solar projects in Tennessee, Georgia, Mississippi, Arkansas, and Kentucky. The company has successfully commissioned every project it has contracted since its inception and has further distinguished itself through its commitment to own and operate each project in its portfolio for the long term. Today Silicon Ranch owns, operates, and maintains more than 150 solar generating facilities in 15 states from New York to California.
As part of its unique business model, Silicon Ranch emphasizes ownership of the land housing its solar arrays, becoming property owners, taxpayers, and active, long-term members of the communities it serves. In addition, the company has committed to the long-term stewardship of these sites through its transformative Regenerative Energy® model of land management. This holistic approach to design, construction, and operations co-locates renewable energy production with regenerative agriculture practices and creates additional value by sequestering carbon and restoring the land housing each array to a functioning grassland ecosystem, all while keeping each site in agricultural production.
The equity raise will support continued execution of Silicon Ranch’s disciplined business plan, including construction of its contracted pipeline and the acceleration of its customer-led growth strategy, by developing new projects, entering new markets, and pursuing strategic acquisition opportunities.
“As a society we are still in the early stages of the global energy transition and find ourselves at an inflection point defined by both critical need and enormous opportunity,” said Reagan Farr, Co-Founder and CEO of Silicon Ranch. “This significant capital raise positions Silicon Ranch to play an important role in this transition and enables us to deliver customer solutions and make meaningful capital investments in the rural communities we serve. Silicon Ranch is honored to welcome Manulife Investment Management as our newest business partner, and we thank them and our existing shareholders for the trust and confidence they have placed in our team.”
“We are pleased to make this investment on behalf of our clients and thrilled to become long-term equity partners with Silicon Ranch,” said Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management. “We view Silicon Ranch as an innovative leader in the U.S. energy sector and look forward to working closely with its talented management team to grow and scale the business in the years to come.”
About Silicon Ranch Corporation
Founded in 2011, 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. The company is one of the largest independent power producers in the country, with a portfolio that includes more than 4 gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. In recognition of its holistic approach to land management, which the company has trademarked Regenerative Energy®, Silicon Ranch was named 2020’s “Most Forward-Thinking” company by Solar Power World.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.
Source : siliconranch
