Silicon Ranch Corporation, a Nashville, TN-based provider of renewable energy, carbon, and battery storage solutions, is to raise $600M in equity financing.
Initial funding of $375M closed in December 2022, with an additional $225M expected to fund in early 2023. The $375M, 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.
The company intends to use the funds to grow its team in 2023 to support engineering, procurement, and construction for its contracted pipeline; operate and maintain its 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.
Led by CEO Reagan Farr, Silicon Ranch is a provider of customized renewable energy, carbon, and battery storage solutions for a diverse set of partners across North America. The company has opened up new markets across the Southeast, developing a new 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 committed 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 company’s portfolio includes more than five gigawatts of solar and battery storage systems that are contracted, under construction, or operating 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 business plan.
FinSMEs
09/01/2023