NASHVILLE, Tenn. (AP) -- A Tennessee solar energy firm has bought an organization that helps companies offset their carbon emissions by funding new solar farms, both of which a former governor helped establish.
A news release Thursday says Silicon Ranch Corp. has acquired Clearloop in a deal with undisclosed terms.
Former Democratic Gov. Phil Bredesen co-founded both Nashville-based companies. Clearloop will keep running under its brand name and CEO co-founder Laura Zapata will continue leading the company.
Clearloop offers agreements that enable companies to compensate for their carbon emissions impact by paying to fund new solar panels in communities with the dirtiest electric grids. The company says its partners vary in size and include Intuit, Hello Bello and Patch.
Silicon Ranch is the U.S. solar platform for Shell. The company has already struck longer-term agreements with the Tennessee Valley Authority on solar installments to offset carbon emissions for large companies.