Interview: Silicon Ranch will pump capital raise into development pipeline, eyes looming Georgia Power RFP

Silicon Ranch will use most of the USD 775m in equity capital it just raised towards construction and execution of projects in its project pipeline, and to buying land for future development, said Matt Beasley, the company’s Chief Commercial Officer (CCO), in an interview with NPM.

Silicon Ranch has some 1.7 GW of operating capacity across 150 projects in 15 states and roughly 2.5 GW of new solar coming over the next few years. Development in South Carolina will grow the company’s footprint to 16 states in the next few years and that map is likely to grow with customer and co-op demand, Beasley said.

Up next could be additional projects in Georgia where Georgia Power is expected to post its 1,030 MW All-Source RFP as soon as next week. Silicon Ranch, which has operational solar farms in states such as 107 MWAC Snipesville II Solar Farm, is weighing a potential bid, according to Beasley.

“A portion of these proceeds will go to fund construction (of) about 2.5 GW over the next couple of years, and then enable us to continue to buy land, which is a (key) part of the way we approach our business and look for more strategic opportunities that present themselves,” said Beasley.

The Nashville-based Silicon Ranch raised USD 775m of which USD 400m was from Manulife Investment Management, on behalf Manulife Infrastructure Fund II and John Hancock. Existing shareholders Shell, TD Greystone Infrastructure Fund and Mountain Group also participated. Manulife was advised on the deal by Marathon Capital.

Since the USD 225m raise in December 2020 — from Shell, TD Asset Management and others — Silicon Ranch has “more than doubled its operating capacity and grown its total contracted portfolio by more than 80%,” according to a release.

The collective proceeds are not expected to change Silicon Ranch’s business model as a solar PV-first developer that folds in battery storage “as necessary for customers.”

The company augmented its business model this past October, as it acquired ClearLoop, a “clean tech pioneer,” and to serve the needs of partners with goals beyond renewable energy, including “decarbonization and broader ESG goals.”

“And that's where I think taking this opportunity to continue to invest and grow and expand the ClearLoop model, in addition to our core business, is going to be an area of strategic focus for us,” added Beasley.*

*This story was originally published exclusively for NPM subscribers late last month.