Silicon Ranch Corporation, which is based in Nashville, has finalised an investment round with $225 million in new equity capital. The proceeds from this funding round will be used to develop 1 GW or more of solar power capacity in the coming two years.
Existing shareholders of Silicon Ranch funded this round. These shareholders include Shell and institutional investors TD Greystone Infrastructure Fund (Global Master) L.P., managed by TD Asset Management Inc., and Mountain Group Partners. The new capital will help Silicon Ranch to accelerate its growth strategy by developing new projects, entering new markets, and pursuing acquisitions.
In 2011 Silicon Ranch, the U.S. solar platform for Shell, was established in Nashville, Tennessee. The independent power producer has a portfolio roughly 2.5 GW of projects across 15 states. These include projects that have been contracted, under construction, or are in operation. Silicon Ranch has tripled its contracted portfolio since its initial platform investment in 2018.
Recently, McCarthy Building Companies announced that it has begun construction on two solar projects in South Georgia for Silicon Ranch Corporation. The utility-scale solar projects include the 107 MW Snipesville II in Jeff Davis County in southeast Georgia and the 80 MW Lancaster Solar in Calhoun County in the southwestern part of the state. The Snipesville II and Lancaster Solar Farms are part of a portfolio of projects that will provide power to Walton Electric Membership Corporation (EMC) as part of the utility’s agreement to supply 100 per cent renewable energy for Facebook’s data center in Newton County, Georgia.