The transaction is expected to be completed in the first quarter of this year. The Nashville-based Silicon Ranch will continue to operate under its own brand.
Presently, it has 880MW of PV systems that are contracted, under construction, or operating in 14 states from New York to California. There are additional projects totalling 1GW in the pipeline.
Shell solar vice president Marc van Gerven said: "We were impressed by Silicon Ranch's proven track record, its market-led development strategy, and its long-term ownership model and commitment to the communities it serves.
"Partnering with Silicon Ranch progresses our New Energies strategy and provides our US customers with additional solar renewable options. 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 US, while expanding its global New Energies footprint."
The transaction is expected to allow Silicon Ranch to speed up its growth strategy by developing new projects, foray into new markets and by expand product offerings across its portfolio.
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."
Its operating portfolio includes over 100 facilities across several states, including the first large-scale solar projects in Tennessee, Georgia, Arkansas, and Mississippi.
Image: Officials of Silicon Ranch and Shell at the signing ceremony. Photo: Courtesy of Silicon Ranch Corporation.
