Shell-backed Silicon Ranch, one of the largest independent power producers in the US, has raised $775 million in new equity capital in a funding round led by Manulife Investment Management.

Manulife Investment Management, which committed $400 million, was joined by current Silicon Ranch shareholders, like Shell, TD Greystone Infrastructure Fund, and Mountain Group Partners. The transaction is expected to close in the first quarter 2022.

"As a society we are still in the early stages of the global energy transition and find ourselves at an inflection point defined by both critical need and enormous opportunity," said Reagan Farr, co-founder and chief executive of Silicon Ranch.