US developer, owner, and operator of solar energy plants Silicon Ranch Corp. has signed an agreement to make Shell its largest shareholder. Shell will acquire a 43.83 percent interest in Silicon Ranch from global private markets investment manager Partners Group, headquartered in Baar-Zug, Switzerland, for up to $217 million in cash based on Silicon Ranch performance, with the possibility to increase its position after 2021. Partners Group will continue to support Silicon Ranch through a newly issued junior debt financing simultaneous with the closing of the sale. Subject to regulatory approvals, the transaction is expected to close in Q1 2018.
Nashville-based Silicon Ranch will continue to operate under its existing management and the Silicon Ranch brand. According to the company, it has doubled its operating portfolio for three consecutive years, with approximately 880 MW of PV systems that are contracted, under construction, or operating in 14 states of the US, and close to 1 GW more in its development pipeline.
»With this entry into the fast-growing solar sector, Shell is able to leverage its expertise as one of the top three wholesale power sellers in the U.S., while expanding its global new energies footprint,« said Marc van Gerven, Shell Vice President of Solar.
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