Royal Dutch Shell has agreed to acquire 43.83% stake in US solar firm Silicon Ranch from Partners Group for $217m.
Based in Nashville of Tennessee, Silicon Ranch develops, owns and operates solar energy facilities across the country.
As per terms of the deal, Silicon Ranch will continue to run under its existing management and the brand.
The firm has over 100 facilities across 14 US states from New York to California. It has large-scale solar projects in Tennessee, Georgia, Arkansas, and Mississippi.
The strategic partnership will help Shell to expand its global solar business, while Silicon Ranch to enter new markets and expand product offerings.
Silicon Ranch, which has around 1GW in its development pipeline, doubled its operating portfolio with approximately 880MW in three years.
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By GlobalDataThe company has deployed a differentiated and demand-driven approach to expand business and build long-term relationships with electric cooperatives, military partners, and corporate customers across the country.
Subject to regulatory approvals, the deal is expected to complete in the first quarter of this year.
Shell solar vice president Marc van Gerven said: “Partnering with Silicon Ranch progresses our New Energies strategy and provides our U.S. customers with additional solar renewable options.”
Silicon Ranch co-founder and CEO Matt Kisber said: “Our goal at Silicon Ranch has always been to ensure that Americans have access to a reliable, affordable, and clean energy supply, and we are honored to welcome Shell as our newest business partner.
“By pairing our solar expertise and trusted brand with the scale, resources, and brand equity of Shell, we are well-equipped to collaborate with our utility partners to provide comprehensive, win-win energy solutions for them and their customers.”
