Silicon Ranch Expands Offering with Acquisition of Clearloop
Partnership Highlights How Solar Can Do More to Expand Equitable Access to Clean Energy and Spur Economic Development in Underserved Communities as More Companies Commit to Net-Zero Goals
NASHVILLE, Tenn., Oct. 14, 2021 /PRNewswire/ -- Silicon Ranch Corporation, Shell's U.S. solar platform and one of the nation's largest independent power producers, has acquired clean tech pioneer Clearloop. Clearloop is the only company that offers businesses of all sizes a way to reclaim their carbon footprint by building solar farms that both clean up the grid and benefit economically distressed communities across the United States.
Clearloop will continue to operate under its brand and be led by CEO and Co-Founder Laura Zapata. Both companies are based in Nashville and will share office space at Silicon Ranch's headquarters downtown. Terms of the deal were not disclosed.
The acquisition of Clearloop expands Silicon Ranch's offering to the growing number of corporate buyers who are seeking a wider range of options to meet not only their renewable energy targets, but also their decarbonization and broader ESG goals. Clearloop's mission of cleaning up the grid in communities otherwise getting left behind by using tangible, traceable carbon offsets ties the social benefits directly with the environmental and economic impacts of new renewable energy projects.
Clearloop sites renewable energy projects not only in communities that will reap the most economic benefits from that investment, but also where new utility-scale solar will remove the most carbon from the grid. Clearloop recently broke ground on the first solar farm in the nation to be financed by corporate carbon offsets in Jackson, Tenn. with the support of established companies such as Intuit and Vista Equity Partners, along with direct-to-consumer brands such as Dropps and Hello Bello.
"Since Silicon Ranch's inception, long-term power purchase agreements have driven the growth of renewable energy deployment," said Reagan Farr, Silicon Ranch Co-Founder and CEO. "Today, carbon is becoming an increasingly influential driver in corporate power purchasing decisions, creating an opportunity to decarbonize the grid at a faster pace and scale if we can expand opportunities for more companies to take action. To this end, we have made great strides with our transformative model of land management, Regenerative Energy®, and now this partnership with Clearloop enables us to help our corporate customers offset their carbon footprint with yet another science-based, innovative solution."
"Silicon Ranch's investment in Clearloop is a major vote of confidence in our team and our vision for a tangible climate solution and will help power our work for the long-term with a trusted partner," said Laura Zapata, Clearloop Co-Founder and CEO. "Individually, our companies have pioneered innovations in the renewable energy and carbon markets. Together, we will unlock even more innovation to support growing corporate climate ambitions and maximize the environmental, economic, and social impact of solar development for communities across our country. We look forward to fulfilling that promise and ensuring that no community gets left behind as we strive for an equitable transition to a decarbonized economy."
While more than 300 companies have committed to power their operations with 100% renewable energy, many of these businesses are taking the next big step toward net-zero goals, which drives them to consider the emissions avoided as a result of their clean energy procurement, rather than the traditional emphasis on solely counting the megawatt hours. In particular, these organizations are seeking to clean up their supply chains, which represent their Scope 3 emissions and typically account for approximately 75% of the carbon footprint for most businesses.
Silicon Ranch's acquisition of Clearloop constitutes a notable break from traditional carbon offset practice. Typically, stakes in offsets from alternative energy production—such as solar and wind energy—have been sold to corporations via third parties such as carbon registry brokers. This use of middlemen with outdated or poorly regulated carbon registries often clouds the source of the offset credit and gives the buyer little to no tangible evidence of impact.
By directly linking new, additional clean energy capacity to the carbon emissions avoided in local communities where the solar projects are constructed, the partnership between Silicon Ranch and Clearloop has the potential to accelerate climate change mitigation efforts and incentives across the U.S.
About Silicon Ranch Corporation
Silicon Ranch is the U.S. solar platform for Shell and one of the largest independent power producers in the country. The company has distinguished itself by pioneering new markets for utility-scale solar and has expanded its footprint with more than 145 operating facilities across more than 15 states from New York to California. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. In recognition of its holistic approach to land management, which the company has trademarked Regenerative Energy®, Silicon Ranch was named 2020's "Most Forward-Thinking" company by Solar Power World. To learn more, visit siliconranch.com and regenerativeenergy.org and follow on Facebook, Instagram, Twitter, and LinkedIn.
About Clearloop
Clearloop partners with companies big and small to cut their carbon footprint and expand access to clean energy by funding new solar projects in American communities otherwise getting left behind. Clearloop was founded by three Tennesseans who are focusing corporate sustainability investments on cleaning up the grid to ensure that the environmental, health, and economic benefits of clean energy reach all communities around our country equally. Brands including Intuit, Hello Bello, Patch, and others are partnering with Clearloop to ensure that carbon offsets are not just nebulous credits on dated registries but actual, tangible investments in local communities—ensuring that all values-based investments are rooted in accountability and transparency. Knowing a brand supports Clearloop also allows consumers to make a real-world, instant impact towards the long-term viability of our planet and its people with every purchase. Learn more at: www.clearloop.us and stay in the loop on Instagram, Linkedin, and Twitter.
Contact:
Katie Jacobs
847-715-8624
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SOURCE Clearloop
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