Silicon Ranch wraps up USD-225m equity raise to back growth
Image by: PRNewsfoto/Silicon Ranch Corporation.
Nashville-based Silicon Ranch, which operates as the US solar platform for Royal Dutch Shell Plc (AMS:RDSA), said on Tuesday it has raised USD 225 million (EUR 184.5m) in a new equity capital financing round.
The investment round was solely funded by existing shareholders of Silicon Ranch, among which are Shell and institutional investors TD Greystone Infrastructure Fund LP and Mountain Group Partners. Funds from it will support over 1 GW of solar projects that Silicon Ranch plans to build over the next two years. Additionally, it will help it enhance its growth strategy by developing new projects, entering new markets and pursuing acquisitions.
Silicon Ranch currently has over 2.5 GW of solar assets in its portfolio, including contracted, under construction and operational plants across the US. "Silicon Ranch has tripled its contracted portfolio since our initial platform investment in 2018 and continues to impress with its track record of successful project delivery and strong customer-led growth strategy," commented Elisabeth Brinton, executive vice president of New Energies at Shell.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.