Partners Group, the global private markets investment manager, has, on behalf of its clients, agreed to sell its 43.83% ownership stake in Silicon Ranch Corporation (“Silicon Ranch” or “the Company”), a leading developer, owner and operator of solar energy facilities in the US. Partners Group is selling its equity stake to Shell for minimum proceeds of USD 193 million and up to USD 217 million, dependent on the Company achieving predetermined milestones. In addition, Partners Group will continue to support Silicon Ranch through a newly issued junior debt financing simultaneous with the closing of the sale.
Founded in 2011 and headquartered in Nashville, Tennessee, Silicon Ranch is one of the fastest-growing, independent solar power producers in the US. Since Partners Group’s investment into Silicon Ranch in April 2016, the Company has quadrupled its operating portfolio of commercial- and utility-scale solar projects. It now has approximately 880MW of contracted, under construction, or operating solar PV systems across 14 US states, as well as close to 1GW of additional development pipeline. As the Company’s largest shareholder, Partners Group worked closely with the management team and other shareholders during a period of rapid growth.
Todd Bright, Partner, Head of Private Infrastructure Americas, Partners Group, states: “We are immensely proud of having supported Silicon Ranch in its recent expansion. With our support, the Company has been able to execute its growth plan faster than expected and we are taking the opportunity to divest our equity stake to a strategic investor ahead of the original investment plan. Nonetheless, we remain convinced of Silicon Ranch’s growth potential, as well as of the appetite for solar energy in the US, and are pleased to be able to continue to support the Company as an investor on behalf of our clients.”
Partners Group is a significant investor in renewable energy projects worldwide on behalf of its clients, with a particular focus on solar and wind energy. In addition to the continued support of Silicon Ranch, Partners Group recently announced the acquisition of a 45% equity stake in Borssele III/IV, a 731.5MW construction-ready offshore wind farm in the Netherlands