Deals
Shell-Backed Silicon Ranch Buys Solar Startup Clearloop
- Clearloop raises financing by selling carbon offsets
- Plans to build projects in Mississippi Delta, Appalachia
Photographer: Laura Segall/Bloomberg
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Silicon Ranch Corp., a solar developer backed by oil giant Royal Dutch Shell Plc, acquired a startup that funds its clean energy projects by selling carbon offsets.
Nashville, Tennessee-based Silicon Ranch bought Clearloop for an undisclosed amount to build utility-scale solar projects in distressed communities that’ll be financed by selling emissions credits to companies seeking to cut their carbon footprints, Silicon Ranch Chief Executive Officer Reagan Farr said. Silicon Ranch can fill in the financing gaps with its investors, such as Shell, and other tax-equity partners.