Shell will acquire a 43.83 percent stake in Silicon Ranch Corp., a leading U.S. developer, owner and operator of solar energy plants, from Partners Group, the global private markets investment manager, for $217 million. Shell will become Silicon Ranch’s largest shareholder.
Partners Group will continue to support Silicon Ranch through a newly issued junior debt financing simultaneous with the closing of the sale.
Nashville-based Silicon Ranch will continue to operate under its existing management and the Silicon Ranch brand. The business has doubled its operating portfolio for three consecutive years, with approximately 880 megawatts of PV systems that are contracted, under construction, or operating in 14 states from New York to California, and close to 1 gigawatt 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,” Marc van Gerven, Shell’s vice president of solar, said in the statement.
Subject to regulatory approvals, the transaction is expected to close in first quarter 2018.
