Nashville-based Silicon Ranch, a renewable energy developer, and battery storage solutions provider has conducted a $600 million equity raise to help accelerate its growth strategy for new projects and expand its employee base.

To execute its business plan, Silicon Ranch plans to grow its team in 2023 to support engineering, procurement, and construction for its contracted pipeline.

Further, the company said it seeks to operate and maintain its growing portfolio of over 150 photovoltaic plants across 15 states in the U.S. and accelerate its growth strategy with the development of new projects to meet customer needs.

The initial funding of $375 million closed in December 2022, with an additional $225 million expected to be funded early this year.

The $375 million funding, was led by existing Silicon Ranch shareholders, including Manulife Investment Management, TD Asset Management, and Mountain Group Partners.

Combined with the $775 million raised in January last year, the company has secured in excess of $1 billion in new equity capital over the past year to execute its business plan.

The company installed 11 new solar facilities in 2022 which will produce about 700 MW of new generating capacity.

Silicon Ranch signed over 1,100 MW in new contracted capacity in 2022, bringing the company’s contracted portfolio to over 5 GW of solar and battery storage systems across the U.S. and Canada.

“Silicon Ranch is well positioned to navigate a rapidly evolving landscape and enter attractive markets with speed, efficiency, and creativity,” said Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management.

The company said, over the years it has opened up new markets across the Southeast and developed a transformative approach to land management with its “Regenerative Energy” platform, and launched an innovative method for businesses to reclaim their carbon footprint with its “Clearloop” carbon solutions platform.

Global corporate funding, including venture capital funding, public market, and debt financing, for the solar sector in the first nine months (9M) 2022 stood at $18.7 billion, 18% lower than the $22.8 billion raised in 9M 2021, according to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report.