Solar, Battery Storage Developer Silicon Ranch Corp Raises $600M in Financing

Solar and battery storage developer Silicon Ranch Corp. completed a $600 million equity raise which stretches from late last year to early 2023.

The initial funding of $375 million closed in December. The remaining $225 million is expected to fund early this year. The funding 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.

The money is key as the project pipeline also has grown quickly for Silicon Ranch. Last month, Facebook owner Meta Platforms announced it was signing a supply deal for seven new Silicon Ranch-developed and owned solar farms totaling 720 MW to supply operational energy use in Georgia and Tennessee.

Led by CEO Reagan Farr, Nashville, TN-based Silicon’s portfolio includes more than five gigawatts of solar and battery storage systems that are contracted, under construction or operating across the US and Canada.

Along with a $775 million raise in early 2022, Silicon Ranch has raised more than $1bn over the past year to execute its business plan.