Silicon Ranch, the solar energy company founded by former Gov. Phil Bredesen, announced Thursday it has raised $775 million in new equity capital.
- Manulife Investment Management committed a $400 million investment.
Why it matters: Silicon Ranch has emerged as a major force in the energy industry with more than 150 solar-generating facilities in 15 states that they own, operate, and maintain themselves.
- Last fall, Silicon Ranch acquired clean technology firm Clearloop.
What he’s saying: In a press release touting the investment, Silicon Ranch co-founder and CEO Reagan Farr — a former aide to Bredesen — says society is “still in the early stages of global energy transition.”
- “This significant capital raise positions Silicon Ranch to play an important role in this transition,” Farr says.