Silicon Ranch Corp., a U.S. developer, owner and operator of solar energy plants, has closed on an equity investment round that raised in excess of $55 million.
Partners Group, a global private markets investment manager, led the round with a $40 million commitment on behalf of its clients. Partners Group was joined in this investment round by other Silicon Ranch shareholders, including the Greystone Infrastructure Fund managed by Greystone Managed Investments Inc., a Canadian investment management firm.
In closing this latest equity raise, Silicon Ranch says it attracted more than $165 million of new equity capital during the course of 2016. In April, the company announced a $100 million equity commitment from Partners Group on behalf of its clients. The scale of that investment supported a growth strategy that saw Silicon Ranch more than double its operating capacity for a second straight year, according to the renewables company. In addition to constructing more than a dozen new solar plants during 2016, Silicon Ranch says it added significantly to its pipeline through contracts with new and existing customers across the country.
Reagan Farr, vice chairman and chief financial officer of Silicon Ranch, says, “By any measure, 2016 truly was a watershed year in our company’s history. Every unit of our organization worked toward a common vision to achieve tremendous growth, and this significant investment by our shareholders allows us to accelerate this momentum in 2017.”
Todd Bright, Partners Group’s head of private infrastructure in the Americas, comments, “Since the initial platform investment in April 2016, we have worked closely with Silicon Ranch’s excellent management team to facilitate an expansion of its growth plan. The additional investment by Partners Group on behalf of our clients will fund that growth as the company continues to enhance its position as a leader within its peer group in the U.S. solar energy sector.”
Jeff Mouland, Greystone’s executive director and head of infrastructure investments, adds, “Greystone has participated in every Silicon Ranch equity raise since our initial investment in 2014. Greystone’s partnership with Silicon Ranch presents our institutional clients with a unique opportunity to partner with a proven, best-in-class developer, owner, and operator of solar energy plants across a variety of markets in the U.S.”