Axios Pro: Climate Deals

January 05, 2023

Axios Pro Exclusive Content

Happy Thursday! We're just about through the first week of 2023, so let's dive in.

1 big thing: $600M for domestic solar

Illustration of a man working on a solar panel with a money overlay

Illustration: Sarah Grillo/Axios

Silicon Ranch, a Nashville-based project developer and independent power producer, expects to close a $600 million equity raise early this year, the company announced.

Why it matters: The Shell-backed company has raised more than $1 billion over the course of a single year, and has managed to plow ahead despite industry-wide disputes with suppliers in China, Alan reports.

What's happening: Silicon Ranch closed $375 million in funding last month, led by existing shareholders Manulife Investment Management, TD Asset Management and Mountain Group Partners.

  • It expects to close the additional $225 million early this year.

Meanwhile: The company previously raised $775 million in Q1 2022.

State of play: Silicon Ranch has built a 2.3 GW portfolio of operating solar projects since its launch in 2011. Its contracted portfolio is 5 GW.

  • Customers include Meta, which in December announced a partnership with Silicon Ranch to power data centers with seven solar projects.

Between the lines: The vast majority of solar module and battery components come from China. Those imports have been roiled by successive trade disputes between Washington and Beijing.

  • Silicon Ranch, by contrast, contracted with Arizona-based First Solar, one of just a handful of large-scale solar module manufacturers in the U.S.
  • In a year that many solar projects ground to a halt due to a lack of solar panels, Silicon Ranch in 2022 installed 11 new solar projects totaling 700 MW.

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