Jan 7, 2022 - Economy

Shell-backed solar developer raises $775 million

Ben Geman

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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Shell-backed solar developer raises $775 million

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