My, what large resources Silicon Ranch Corp. has – and its bankroll continues to grow.
The U.S. utility-scale developer just closed its latest equity investment round with a total of at least $55 million, led by Partners Group, a global private-market investment manager. The group committed $40 million on behalf of its clients, coming on the heels of a $100 million commitment it made in April.
Joining Partners Group were other Silicon Ranch shareholders, including Greystone Infrastructure Fund. According to the company, the new influx of cash brings the total it raised in 2016 to $165 million.
Silicon Ranch says it doubled its operating capacity for a second straight year, constructing more than a dozen new solar plants, as well as increasing its pipeline through contracts with new and existing customers throughout the United States.
2016 saw Silicon Ranch break ground on the largest solar power plant in Mississippi, a 50-MW, 600,000-panel solar farm outside Hattiesburg. It also expanded its supply deal with thin-film panel manufacturer First Solar, who will ship 230 MW worth of modules starting this quarter. First Solar previously supplied 180 MW of modules to Silicon Ranch, for projects in five southeastern U.S. states.
“To have this additional support from our shareholders, including a pair of sophisticated, global investment managers, is a strong signal of their faith in what we are doing at Silicon Ranch,” said David Vickerman, Vice Chairman and Chief Corporate Development Officer of Silicon Ranch said.
“The scale of this investment positions us to build on our success by developing new projects, entering new markets, and actively looking for strategic acquisition opportunities,” he added.