Update: Silicon Ranch issued a news release Thursday announcing a $775 million round of funding, led by a $400 million commitment from Manulife Investment Management, on behalf of Manulife Infrastructure Fund II and John Hancock. The raise was joined by existing investors Shell, TD Greystone Infrastructure Fund (Global Master) L.P. and Mountain Group. The transaction is expected to close during the first quarter, according to the release.
Silicon Ranch could not immediately be reached for an explanation for the discrepancy between the amount of money raised according to the company’s news release and the amount of capital reported by the company in a Dec. 29 U.S. Securities and Exchange Commission filing. This story could be updated.
Silicon Ranch Corp. may have just closed the largest capital raise in Nashville tech history.
The solar panel startup has secured a $838.3 million round of funding, according to a U.S. Securities and Exchange Commission filing made Dec. 29.
The raise is more than just notable for Nashville's tech scene — it’s likely record-breaking. Recent large raises include SmileDirectClub’s $380 million raise in 2018 and Silicon Ranch’s $225 million round of funding in 2020, but nothing close to December's cash infusion.
The company declined comment on the filing on Wednesday.
Silicon Ranch will use the new funds to develop new projects, enter new markets and for acquisitions, according to the Thursday news release.
"As a society we are still in the early stages of the global energy transition and find ourselves at an inflection point defined by both critical need and enormous opportunity," Silicon Ranch CEO Reagan Farr said in the release. "This significant capital raise positions Silicon Ranch to play an important role in this transition and enables us to deliver customer solutions and make meaningful capital investments in the rural communities we serve. Silicon Ranch is honored to welcome Manulife Investment Management as our newest business partner, and we thank them and our existing shareholders for the trust and confidence they have placed in our team."
Founded in January 2011 by CEO Reagan Farr and former Tennessee Gov. Phil Bredesen, Silicon Ranch is one of the region's fastest-growing companies, valued by investors in its 2020 capital raise at more than $1 billion. Hitting that threshold makes Silicon Ranch a "unicorn" in Silicon Valley lingo, achieving a profile that could draw more capital and entrepreneurs to the city.
Since then, the company has continued its meteoric growth, launching its first international project in November with a 58-megawatt solar farm for Shell Canada near its Energy and Chemicals Park Scotford and purchasing fellow Nashville solar startup Clearloop Corp. in October.
As of November, Silicon Ranch owned and operated nearly 150 facilities in more than 15 U.S. states. Its clients include Facebook Inc. (Nasdaq: FB), General Motors Co. (NYSE: GM), Volkswagen and Vanderbilt University.
