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Jan 7, 2022 - Economy

Shell-backed solar developer raises $775 million

headshot
Solar panels with money signs on them

Illustration: Aïda Amer/Axios

Silicon Ranch Corp., a major solar developer backed by Shell, has raised $775 million in new equity capital as it eyes significant expansion.

Driving the news: Manulife Investment Management, an arm of the big insurer Manulife Financial Corp., led the round with $400 million.

  • Existing investors including Shell, which bought a 44% stake in Silicon a few years ago, TD Greystone Infrastructure Fund and Mountain Group Partners took part.
  • Silicon Ranch currently owns and operates 150 solar facilities across 15 states, the announcement states.

Why it matters: Chief executive Reagan Farr tells Reuters the new funding will enable Silicon Ranch to build another roughly 2 gigawatts of projects over the next two to three years.

  • The company is also eyeing more acquisitions, it said in a release. Last year it acquired Tennessee-based Clearloop, which helps companies offset CO2 via financing solar development.
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