The investment in the developer, owner and operator of solar and storage assets s AIP’s second renewables investment and its first in North America.
Silicon Ranch, a Tennessee-based independent power producer (IPP) that provides solar energy, battery storage and carbon solutions, closed a $500 million investment from AIP Management. The company has 7 GW of solar and battery storage systems contracted, under construction or operating across the U.S. and Canada.
Founded in 2011, Silicon Ranch owns and operates every project in its portfolio. Also known for agrivoltaic projects, the company designs, constructs and manages using a trademarked process called “Regenerative Energy.” Silicon Ranch’s carbon solutions subsidiary Clearloop helps businesses reduce their carbon footprint.
By investing approximately $500 million, AIP is acknowledging the IPP’s expertise and ability to continue its growth and maintain its ability to deliver clean power at scale.
“Our investment supports its continued growth and reflects our confidence in businesses with strong fundamentals and the ability to drive the energy transition forward,” said Kasper Hansen, CEO and managing partner of AIP.
Silicon Ranch’s existing shareholder group includes Shell, Manulife Investment Management, and TD Asset Management. TD Asset Management, Silicon Ranch’s first institutional shareholder through the TD Greystone Infrastructure Fund in 2014, also joined AIP in the equity raise process. According to an article in the Wall Street Journal, AIP will acquire a minority stake in the IPP.
Silicon Ranch said it was the first company to deploy utility-scale solar in Tennessee, Georgia, Mississippi, Arkansas, and Kentucky. It aims to reach more than 10 GW of operating capacity by the end of 2030.
Silicon Ranch offers in-house engineering, procurement, and construction capabilities. It has a long-term power purchase agreements (PPA) business with contracts averaging 21 years and a “high-quality” offtaker base.
Electric cooperative United Power is the offtaker for six projects owned by Silicon Ranch. United Power is a member-owned, not-for-profit electric co-op in Colorado that recently signed a PPA for power from Byers Solar Farm, a 150 MW agrivoltaic installation in Colorado. Silicon Ranch said all six of the installations are located within the cooperative’s service territory and were developed working closely with local governments and neighboring landowners to ensure the projects fulfilled the needs of each community as well as those of the electric cooperative.
