Solar and battery storage project developer Silicon Ranch Corp. strengthened its growth position by completing a $600 million equity raise which stretches from late last year to early 2023.
The Nashville-based Silicon Ranch’s initial funding of $375 million closed in December. The remaining $225 million is expected to fund early this year.
Overall, the company raised $1 billion throughout 2022. Investors in the latest round included existing shareholders such as Manulife Investment Management, TD Asset Management 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.
“This meaningful work and the outcomes we deliver would not be possible without the dedication of our teammates, the commitment of our customers, and the support of our shareholders,” Silicon Ranch CEO and co-founder Reagan Farr said. “Above all, I wish to thank our neighbors and all of our local partners for welcoming us into your communities and enabling Silicon Ranch to help build a stronger, healthier and more resilient rural America.”
In 2022, the company installed 11 new solar facilities totaling close to 700 MW, a record for annual installed capacity addition. Silicon Ranch overall has a contracted portfolio of more than 5 GW of solar and battery storage system across the U.S. and Canada.