Partners Group and Greystone Infrastructure Fund have increased their commitment to portfolio company Silicon Ranch Corporation with a $55 million investment.
Partners Group, a Swiss-based investment manager, led the equity raise with a $40 million commitment. Canadian infrastructure investor Greystone made up the rest of the commitment, along with other shareholders.
Silicon Ranch is a large-scale solar developer based in Nashville, Tennessee. It develops-to-own all of its projects and has helped increase solar penetration in south-eastern US markets, building the first large-scale projects in Tennessee, Georgia, Arkansas and Mississippi, the company said in a statement. Its customers include utilities, military and defence facilities, small-to-large industrial facilities and commercial businesses.
Since Greystone’s first commitment to Silicon Ranch in 2014 for an undisclosed amount, the solar developer has increased its operating capacity from 52MW to 2,500MW. Jeff Mouland, head of infrastructure investments at Greystone, said the fund has participated in every equity raise since it became a shareholder.
Partners Group took a stake in Silicon Ranch last April with a $100 million commitment, which enabled the company to double its solar output over the course of 2016. It constructed 12 new projects last year.
“The additional investment by Partners Group on behalf of our clients will fund that growth as the company continues to enhance its position as a leader within its peer group in the US solar energy sector,” said Todd Bright, head of private infrastructure in the Americas at Partners Group.