Silicon Ranch Corporation, the U.S. solar platform for Shell and an independent solar power producer, raised $775 million in a new equity funding round. On behalf of Manulife Infrastructure Fund II and John Hancock, Manulife Investment Management led the round with an approximately $400 million commitment.
Existing Silicon Ranch shareholders, including Shell, TD Greystone Infrastructure Fund (Global Master), and Mountain Group Partners, joined the latest round.
Subject to regulatory approvals, the transaction is expected to close in Q1 2022.
According to the company, the fresh equity funds will support the execution of its business plan, accelerate its customer-led growth strategy, develop new projects, enter new markets, and pursue strategic acquisition opportunities.
In September, Silicon Ranch Corporation acquired cleantech company Clearloop to expand its offering to corporate buyers – seeking to meet renewable energy targets, decarbonization, and broader ESG goals.
“As a society, we are still in the early stages of the global energy transition and find ourselves at an inflection point defined by both critical need and enormous opportunity,” said Reagan Farr, Co-Founder, and CEO of Silicon Ranch.
“This significant capital raise positions Silicon Ranch to play an important role in this transition and enables us to deliver customer solutions and make meaningful capital investments in the rural communities we serve. Silicon Ranch is honored to welcome Manulife Investment Management as our newest business partner, and we thank them and our existing shareholders for the trust and confidence they have placed in our team,” added Reagan Farr.
Including the latest round, Silicon Ranch has raised over $1 billion in funding to date. In December 2020, Silicon Ranch Corporation closed a $225 million new equity capital round led by existing shareholders, including Shell and institutional investors TD Greystone Infrastructure Fund (Global Master), managed by TD Asset Management and Mountain Group Partners.
According to Mercom’s 9M and Q3 Solar Funding and M&A Report, in 9M 2021, the solar sector brought in $2.2 billion in VC funding in 39 deals, 466% higher compared to $394 million in 29 deals in 9M 2020.