Manulife and Shell helped the solar power provider raise the cash as Exelon-backed residential solar energy supplier PosiGen secured $100m, showing continuing interest in the solar power space.
US-headquartered solar power producer Silicon Ranch Corporation secured $775m yesterday in an equity funding round led by insurance firm Manulife’s Investment Management vehicle, part of a resurgence in funding in the sector.
Manulife Investment Management put up $400m for the round, which included oil and gas supplier Shell, investment manager TD Asset Management’s TD Greystone Infrastructure Fund and venture capital firm Mountain Group Partners.
Silicon Ranch functions as the solar branch of Shell’s power distribution arm, Shell Energy, and runs a portfolio of solar farms and large-scale utility solar plants, on behalf of large businesses and governmental facilities.
The company’s solar and energy storage projects run to 4 GW across North America and the capital will support the fulfilment of its project pipeline as well as an expansion into new markets and potential strategic investments.
Reagan Farr, Silicon Ranch’s co-founder and chief executive, said: “As a society we are still…
