American independent power producer (IPP) Silicon Ranch Corporation has announced $775 million equity raise from a host of new and existing investors, including the company's current investor Shell.
This round of investment was led by Canada headquartered insurance company Manulife Investment Management that has made the contribution on behalf of Manulife Infrastructure Fund II, and John Hancock. It pooled in $400 million as a new investor.
Silicon Ranch's existing investors Shell, TD Greystone Infrastructure Fund (Global Master) L.P. and Mountain Group Partners are among remaining parties. Transaction is due for closure in Q1/2022.
Touted as the US solar platform of Shell, Silicon Ranch counts more than 4 GW worth of solar and battery storage system portfolio that's either contracted, under construction or operational in the US and Canada.
With the new investment coming in, Silicon Ranch plans to construct its contracted pipeline and accelerate customer-led growth strategy by developing new projects, expanding to newer markets and pursue strategic acquisition opportunities. According to Reuters, the proceeds will enable it to build about 2 GW of solar projects over the next 24 months to 36 months.
This round follows $225 million it raised in December 2020 from existing investors including Shell. The company now claims to have raised $1 billion in the past year to fund its expansion plans.
For Manulife Investment, this is yet another US solar investment it has made in recent times. In April 2021, it committed $300 million to distributed solar and storage company CleanCapital (see CleanCapital Secures $300 Mn Investment From Manulife).