Shell-backed Silicon Ranch acquires carbon offset firm Clearloop

Facebook
Twitter
LinkedIn
Reddit
Email
Silicon Ranch has more than 145 operational solar projects in the US. Image: Silicon Ranch.

US independent power producer Silicon Ranch has acquired Clearloop, a start-up that helps companies offset their carbon emissions by funding new solar projects.

Clearloop aims to build solar farms in communities that will reap the most economic benefits from that investment, and also where the projects will remove the most carbon from the grid. The company last month broke ground on a 1MW install in Tennessee that it said is the first solar plant in the US directly funded by solar offsets.

Silicon Ranch, which is backed by oil and gas major Shell, said the acquisition expands its offering to corporate buyers that are seeking a wider range of options to meet renewables targets and decarbonisation goals.

“Today, carbon is becoming an increasingly influential driver in corporate power purchasing decisions, creating an opportunity to decarbonise the grid at a faster pace and scale if we can expand opportunities for more companies to take action,” said Reagan Farr, Silicon Ranch CEO.

According to Clearloop, its mission of cleaning up the grid in US communities otherwise getting left behind by using carbon offsets ties the social benefits directly with the environmental and economic impacts of new renewables projects.

By directly linking new clean energy capacity to the carbon emissions avoided in communities where the solar projects are constructed, the partnership between Silicon Ranch and Clearloop has the potential to accelerate climate change mitigation efforts across the US, said the companies, which are both based in Nashville, Tennessee.

“Together, we will unlock even more innovation to support growing corporate climate ambitions and maximise the environmental, economic and social impact of solar development for communities across our country,” said Laura Zapata, Clearloop co-founder and CEO, who will continue to lead the business.

Since securing the backing of Shell in 2018, Silicon Ranch last year closed a US$225 million investment round to support its goal of building more than 1GW of solar projects. It now has over 145 operating solar facilities in more than 15 US states.

As part of efforts to diversify its business to have a “presence across the entire energy system”, Shell earlier this year said it would spend between US$2 billion and US$3 billion on renewables and energy solutions annually to help it reach net zero by 2050.

Read Next

September 30, 2022
US renewable energy major Brookfield Renewable has agreed to spend up to US$2 billion in order to acquire both Scout Clean Energy and Standard Solar.
September 30, 2022
Utility-scale renewables developer Intersect Power has secured US$3.1 billion in project financing to complete its 2.2GW near-term clean energy portfolio in the US.
September 30, 2022
Canadian natural gas pipeline giant Enbridge has bought US renewables developer Tri Global Energy (TGE) for US$270 million in cash and assumed debt.
September 29, 2022
Heather Zichal has announced she will leave the American Clean Power Association (ACP) after two years as its CEO.
PV Tech Premium
September 29, 2022
US solar and storage developer Avantus is scaling up a strategy of deploying high-capacity factor power plants that aim to maximise transmission infrastructure while limiting curtailment.
September 28, 2022
Energy major Shell will acquire Daystar Power, an Africa-based commercial and industrial (C&I) solar provider.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)