Shell-backed solar developer raises $775 million
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.