Silicon Ranch Corporation, a Nashville, Tenn.-based independent power provider, raised $775M in equity funding.
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, joined by existing 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 company intends to use the funds to rapidly grow across North America.
Founded in 2011 by Reagan Farr, CEO, 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 its 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.
Silicon Ranch pioneered utility-scale solar in the Southeast with the first large-scale solar projects in Tennessee, Georgia, Mississippi, Arkansas, and Kentucky. Today, the company owns, operates, and maintains more than 150 solar generating facilities in 15 states from New York to California.