By Nichola Groom

(Reuters) – Silicon Ranch Corp (U.S. Solar Project Developer) announced Thursday that it has raised $775 Million in equity capital, from both new and existing investors.

This announcement is made at a time when renewable energy and solar in particular are experiencing rapid expansion in America. This growth is being capitalized by financial institutions to satisfy investor demand for assets that combat climate change.

Manulife Investment Management was the new investor. This division is Canada’s largest life insurance company, Manulife Financial (NYSE.) Corp contributed $400 million.

The round also included existing investors Shell and TD Greystone Infrastructure Fund, as well as Mountain Group Partners. This deal should close by the end of this quarter.

Silicon Ranch is a company based in Nashville Tennessee that owns or operates over 150 solar energy plants in fifteen states. Customers include utilities, rural electric cooperatives and large corporations such as Facebook (NASDAQ:).

Shell invested approximately 45% in Silicon Ranch in 2018.

Silicon Ranch will be able to construct approximately 2 gigawatts (or more) of solar projects in the next 24-36 months. This is roughly double its existing built capacity, Reagan Farr, chief executive, stated during an interview.

A little over 380,000 houses can be power by 2 gigawatts solar.

Silicon Ranch also wants to make more acquisitions, such as the Clearloop purchase in last year. Clearloop is a carbon offsets company selling to companies to help them fund solar projects in low income communities.

Farr stated that it allows them to scale up and continue growing as a provider of renewable energy solutions, and also as a provider of carbon solutions and ESG (environmental. social. governance).

According to U.S. Energy Industries Association (USAEIA), the United States has the potential to add 348 GW to its solar energy capacity over the next decade. This is more than triple the country’s current solar capability.