Press release from the Office of Tennessee Comptroller Justin P. Wilson, January 16, 2018:

The Tennessee Comptroller’s Office has released a special report examining several aspects of the Tennessee Bureau of Investigation’s fiscal operations, including an analysis of TBI’s budget, the procurement of its Pilatus airplane, staffing, and grants and contracts.

The special report was initiated after Senator Bo Watson (R-Hixson) called for an examination of TBI’s budgeting and accounting practices.

The General Assembly included language within the 2017 Appropriations Act requiring the review to be complete by January 31, 2018.

The Comptroller’s Office found TBI’s expenditures have exceeded its budgeted estimates since 2014, and TBI has relied on its various reserve funds for its continued operations. These accounts have been greatly diminished as TBI has used these funds. The Comptroller’s Office concluded that TBI and the Department of Finance and Administration should commit to improve communication during the budget process.

The review also includes an examination of the procurement of TBI’s Pilatus Airplane. The Comptroller’s Office found that, although policies were followed, the procurement could have been more cost-effective.

Additionally, the Comptroller’s Office researched the history of TBI and performed an analysis of TBI’s independence. TBI is an operationally independent cabinet-level agency that does not clearly belong to a single branch of government. TBI’s unique role in state government requires a balance between independence and accountability.

Comptroller Justin P. Wilson will present the results of the TBI Special Report to the Senate Finance, Ways and Means Committee on January 16, 2018 at 11:00 a.m.

The Comptroller’s Office has also released TBI’s performance audit report which found TBI’s policies surrounding the use of its aircraft were not sufficient, a failure to collect all sex offender registration fees, and the Drug Offender Registry was not always accurate or up to date.

The Comptroller’s Office will present the TBI performance audit to the Judiciary and Government Joint Subcommittee of Government Operations on January 25, 2018 at 10:00 a.m.

To view the TBI Special Report online, click here.

To view the TBI Performance Audit Report online, click here.

Press Release from the Silicon Ranch Corp., Jan. 15, 2018:

Shell Acquires Interest in Silicon Ranch Corporation Platform

Investment aligns Shell with best-in-class U.S. developer, owner, and operator of solar facilities

NASHVILLE, Tenn., Jan. 15, 2018 /PRNewswire/ — Silicon Ranch Corporation, a leading U.S. developer, owner, and operator of solar energy plants, announced today that it has signed an agreement to make Shell its largest shareholder. As part of the agreement, Shell will acquire a 43.83% interest in Silicon Ranch from Partners Group, the global private markets investment manager, for up to $217 million in cash based on Silicon Ranch performance, with the possibility to increase its position after 2021. Partners Group will continue to support Silicon Ranch through a newly issued junior debt financing simultaneous with the closing of the sale. Subject to regulatory approvals, the transaction is expected to close in Q1 2018.

Standing left to right: Silicon Ranch board member Byron Smith; Shell GM Solar Projects, Shell New Energies, Boris Schubert; Silicon Ranch Co-Founder and CFO Reagan Farr; Silicon Ranch Chief Corporate Development Officer David Vickerman; Sitting left to right: Silicon Ranch Chairman Phil Bredesen; Shell VP of Solar Marc van Gerven; Silicon Ranch Co-Founder and CEO Matt Kisber (PRNewsfoto/Silicon Ranch Corporation)

Nashville-based Silicon Ranch will continue to operate under its existing management and the Silicon Ranch brand. The fast-growing business has doubled its operating portfolio for three consecutive years, with approximately 880 megawatts of PV systems that are contracted, under construction, or operating in 14 states from New York to California, and close to 1 gigawatt more in its development pipeline. The innovative company has been a first-mover in a number of U.S. states and has deployed a differentiated, demand-driven approach to business development across a diverse customer set, with particular emphasis on building long-term relationships with electric cooperatives, military partners, and corporate customers across the country.

The transaction will enable Silicon Ranch to accelerate its growth strategy by developing new projects, entering new markets, and expanding product offerings across its portfolio. The strategic partnership provides Shell a platform to establish a successful global solar business by aligning with a proven team in the second largest solar market in the world.

“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,” said Marc van Gerven, Shell Vice President of Solar. “Partnering with Silicon Ranch progresses our New Energies strategy and provides our U.S. 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 U.S., while expanding its global New Energies footprint.”

Matt Kisber, Silicon Ranch Co-Founder and CEO, 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. By pairing our solar expertise and trusted brand with the scale, resources, and brand equity of Shell, we are well-equipped to collaborate with our utility partners to provide comprehensive, win-win energy solutions for them and their customers. As we welcome Shell to our team, Silicon Ranch also wants to thank Partners Group for the financial and commercial support that enabled us to surpass our ambitious growth targets over the last two years.”

Reagan Farr, Silicon Ranch Co-Founder and CFO, said: “Shell shares our steadfast commitment to long-term partnership, and together we will unlock tremendous value in the U.S. solar market. This significant and strategic investment by Shell is in the best interest not only of our company and our employees, but also of our customers and the communities we serve, because it will allow us to capture synergies with Shell’s businesses and benefit from its long heritage in providing energy services around the world.”

About Silicon Ranch Corporation
Silicon Ranch, based in Nashville, Tenn., is a leading U.S. developer, owner, and operator of solar energy plants. Silicon Ranch develops to own all of its projects for the long-term and brings the economic, environmental, and community benefits of commercial and utility-scale solar energy together in a full-service model that requires no capital investment from its stakeholders. The company’s operating portfolio includes more than 100 facilities across 14 states from New York to California, including the first large-scale solar projects in Tennessee, Georgia, Arkansas, and Mississippi. To learn more, please visit www.siliconranchcorp.com and follow on Twitter @SiliconRanchCo.