In the largest single fundraising in its history, Silicon Ranch has brought in $225 million from investors. Proceeds will be used to add 1 GW or more of solar capacity in the next two years. The investment will also allow Silicon Ranch to hire roughly 40 new employees.
All of the funds were raised from existing Silicon Ranch investors, which include Royal Dutch Shell, Mountain Group Partners and TD Greystone Infrastructure Fund.
Since its founding in 2011, Nashville, Tenn.-based Silicon Ranch has developed roughly 2.5 GW of projects across 15 states. The company said in a statement that the new capital will enable it to accelerate its growth strategy by developing new projects, entering new markets, and pursuing acquisitions.
Earlier this month, McCarthy Building Companies began construction on two Silicon Ranch projects in Georgia. They are the 107 MW Snipesville II solar project in Jeff Davis County and the 80 MW Lancaster Solar project in Calhoun County. McCarthy said that the projects will use NEXTracker single axis trackers. Details on the modules themselves were not available.
The two projects are set to be completed in 2021, and are part of a portfolio that will provide power to Walton Electric Membership Corporation (EMC). The utility will supply 100% renewable energy to a Facebook data center in Newton County, Georgia. To date, Walton EMC and Silicon Ranch have worked together on six contracts totaling 435 MW of renewable energy capacity to support Facebook’s operations in Georgia.
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