Venture Capital: Solar Power Producer Silicon Ranch Amidst $600M Raise
Out of $600 million, an initial funding of $375 million closed in December 2022, with an additional $225 million expected to fund in early 2023.
Silicon Ranch, one of the largest independent solar power producers in the US, announced a $600 million equity fundraising out of which it closed on $375 million in December 2022. The company is a fully integrated provider of customized renewable energy, carbon, and battery storage solutions for partners across North America. (Businesswire)
The $375 million round was led by existing Silicon Ranch shareholders, including Manulife Investment Management; TD Asset Management Inc., on behalf of TD Greystone Infrastructure Fund1; and Mountain Group Partners.
During the past year, Silicon Ranch achieved:
- Installed eleven new solar facilities in 2022 that produce nearly 700 megawatts (MW) of new generating capacity, a company record
- Signed over 1,100 MW in new contracted capacity in 2022, bringing the company’s contracted portfolio to more than 5 gigawatts of solar and battery storage systems across the U.S. and Canada
- Raised $775 million in early 2022
“With its unique business model, disciplined growth strategy, and talented team, Silicon Ranch is well positioned to navigate a rapidly evolving landscape and enter attractive markets with speed, efficiency, and creativity,” said Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management.
“As Silicon Ranch’s first institutional shareholder through the TD Greystone Infrastructure Fund, TD Asset Management has been pleased to support the company’s continued growth since our initial investment in 2014,” said Jeffrey Mouland, Managing Director and Head of Global Infrastructure Investments at TD Asset Management.
Related Story: Solar Energy Provider Sun King Raises $260M
Image: Appling Solar Farm
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