Silicon Ranch Conducts $600 Million Equity Raise to Cap Off Another Record Year
Silicon Ranch Corporation, a community-focused provider of renewable energy, carbon, and battery storage solutions, announced that it conducted a $600 million equity raise.
Silicon Ranch Corporation, a community-focused provider of renewable energy, carbon, and battery storage solutions, announced that it conducted a $600 million equity raise. Initial funding of $375 million closed in December 2022, with an additional $225 million expected to fund in early 2023.
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. The company’s unique business model of long-term ownership of its entire portfolio underpins its deep commitment to the customers it serves and to the communities where it locates. 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. In 2022, Silicon Ranch demonstrated additional industry leadership via its commitment to support U.S. manufacturing and lower its carbon footprint across the full lifecycle of its facilities through significant agreements with First Solar, Nextracker, and SOLARCYCLE.
The equity raise caps off another record year for Silicon Ranch. Despite a highly volatile year marked by global supply chain constraints across the solar industry, the company successfully installed eleven new solar facilities in 2022 that produce nearly 700 megawatts (MW) of new generating capacity, a company record. This achievement expands Silicon Ranch’s unblemished track record of project execution, as the company has successfully delivered every project that it has contracted since it was founded in 2011. In addition, Silicon Ranch set a company record for growth by signing well over 1,100 MW in new contracted capacity in 2022, bringing the company’s contracted portfolio to more than 5 gigawatts of solar and battery storage systems across the U.S. and Canada.
Combined with a $775 million raise in early 2022, Silicon Ranch has secured in excess of $1 billion in new equity capital over the past year to execute its disciplined business plan. The company plans to grow its strong, diverse, and talented team in 2023 to support engineering, procurement, and construction 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, Co-Founder 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. Above all, I wish to thank our neighbors and all of our local partners for welcoming us into your communities and enabling Silicon Ranch to help build a stronger, healthier, and more resilient rural America.”
The $375 million, funded in December, was led by existing Silicon Ranch shareholders, including Manulife Investment Management; TD Asset Management Inc., on behalf of TD Greystone Infrastructure Fund1; 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 and are pleased to partner with a pioneering, innovative, and principled industry leader.”
“As Silicon Ranch’s first institutional shareholder through the TD Greystone Infrastructure Fund, TD Asset Management has been pleased to support the company’s continued growth since our initial investment in 2014,” said Jeffrey Mouland, Managing Director and Head of Global Infrastructure Investments at TD Asset Management. “On behalf of our clients, we are pleased to expand our relationship with this leading independent power producer and to support its meaningful work in communities across North America.”
About Silicon Ranch
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 five 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. In 2021, Silicon Ranch acquired Clearloop, which helps businesses of all sizes reclaim their carbon footprint with a direct investment in building new solar projects while expanding access to clean energy. To learn more, visit siliconranch.com, regenerativeenergy.org, and clearloop.us, and follow on Facebook and Instagram.
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 19 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. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
1The TD Greystone Infrastructure Fund is comprised of the TD Greystone Infrastructure Fund (Global Master) L.P., the TD Greystone Infrastructure Fund (Canada) L.P. and the TD Greystone Infrastructure Fund (Canada) L.P. II.
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