The Greystone Infrastructure Fund has acquired an equity interest – the size of which is undisclosed – in Silicon Ranch Corporation, a private solar project developer, owner and operator based in Nashville, Tennessee.
Silicon Ranch currently operates 52 megawatts (MW) of solar assets in the US, generating enough electricity to power over 10,000 homes. The two largest assets are the 38.6MW Social Circle Solar Farm in Georgia; and the 9.5MW Volkswagen Chattanooga facility, based at an automotive manufacturing plant.
The firm also has a pipeline of both near-term and long-term development projects representing in excess of 200MW of generation capacity.
In a statement, Greystone said the deal would provide its investors with access to an operating portfolio of renewable energy generation facilities with contracted revenues and long asset lives combined with a sizeable and scalable growth platform.
Jeff Mouland joined Greystone from the infrastructure investment team at Canada’s Public Sector Pension Investment Board in January 2012. Four months later he was joined by David Vickerman, former managing director of infrastructure investments at Scotia Capital. The two men are executive directors and co-heads of infrastructure.
The Greystone Infrastructure Fund has a global mandate and targets mid-market infrastructure assets in diverse sectors with “attractive risk-adjusted returns capable of providing predictable and stable cash flows over the long term”.
The fund is part of a real asset class platform managed by Greystone Managed Investments, a privately owned Canadian institutional investment manager with over $33 billion in assets under management as at June 30 2014.
Headquartered in Regina, Saskatchewan, Greystone has offices in Toronto, Winnipeg and Hong Kong.