Bredesen-backed Silicon Ranch accepts|
Greystone Infrastructure investment
Milt Capps Updated Oct. 20, 2014
UPDATE 20 Oct. 2014: The Greystone investment was revealed ina press release today as $140MM. CEO Kisber told VNC the Greystone stake is a minority holding and former Gov. Phil Bredesen remains a significant shareholder. Our original story is below.- Ed.
Silicon Ranch, a solar-energy project developer based in Nashville, has taken equity investment of undisclosed magnitude from Greystone Infrastructure, a unit of Greystone Managed Investments, based in Regina in Canada's Saskatchewan province.
Silicon Ranch Corporation was founded in 2010 and, according to its website today, is still led by former Tennessee Gov. Phil Bredesen, who is its chairman; and, by two former officials of his Administration: Matt Kisber, who is president and CEO of the company; and, Reagan Farr, who is its vice chairman and chief operating officer.
The parties announced the transaction today, with no comment regarding the effect, if any, the investment has with regard to control of the company. The full press release is here. The company has not yet responded to a VNC interview request. This story will be updated, as warranted.
Two months ago, another Bredesen-founded company, software player Qualifacts, became majority-owned by Boston-based Great Hill Partners., which in 2008 had partnered with another private-equity firm to acquire Passport Health Communications. No terms were disclosed.
According to its website, Silicon Ranch owns, among other assets, Tennessee's "largest solar facility at Volkswagen's Chattanooga Manufacturing facility."
By the end of 2013, the company says, Silicon Ranch had completed and is operating facilities totaling approximately 55 megawatts, making it one of the top 15 solar operators in the U.S."
During the Bredesen Administration, Kisber and Farr seved in the governor's Cabinet, as commissioner of economic and community development (ECD) and as revenue commissioner, respectively.
Thomas Trent Jr., a partner in Bradley Arant Boult Cummings is among attorneys serving as counsel to Silicon Ranch, VNC confirmed today. Trent is chairman of his firm's economic-development law practice group, according to the firm's website.
State records online show an apparently related company, Silicon Ranch Investments, as having been created in 2011. VNC