Clearloop works with Microsoft to enable clean energy infrastructure and positive community impact through agreement of upfront payment for long-term renewable energy credits
NASHVILLE, Tenn. (August 23, 2023) – Clearloop, a leading provider of carbon solutions that accelerate decarbonization of the electric grid and expand clean energy access in American communities that can benefit the most, today announced an agreement with Microsoft, a global technology company with a commitment to be carbon negative by 2030. Through an upfront payment for long-term renewable energy credits, Microsoft is directing climate action and decarbonization investment to a 6.6-megawatt (MWdc) facility in Panola County, Mississippi—a community at the cross-section of the Mississippi Delta and the Appalachian Foothills—with the Panola II Solar Farm.
Through its participation in the project, Microsoft will help prevent approximately 400 million pounds of carbon from entering the atmosphere and generate enough energy to help power approximately 1,000 area homes annually.
Clearloop strategically locates projects in American communities where new solar generation can displace the most carbon while investing in a more equitable clean energy transition.
“Microsoft’s ambitious decarbonization goals and Clearloop’s mission make this a uniquely well-suited relationship, one that will come to life in this welcoming Mississippi community,” said Laura Zapata, CEO and Co-founder of Clearloop. “We are so proud to be connecting global organizations like Microsoft with communities like Panola County that can benefit the most from the energy transition taking place in our country.”
“Decarbonizing the electricity grid is key to combatting climate change. Adding new solar projects where they can displace the most emissions will help achieve this outcome as quickly as possible, and it’s important that we do so while also supporting local communities,” said Danielle Decatur, Director of Environmental Justice, Microsoft. “Clearloop’s model directly aligns with this vision and has introduced a new ‘tool in the toolbox’ for companies seeking to maximize community impact on their path to addressing climate change.”
The Panola II Solar Farm is one of three new solar projects launched by Clearloop in collaboration with the Tallahatchie Valley Electric Power Association (TVEPA) and with the support of the local economic development group, the Panola Partnership. TVEPA is working with Clearloop and Clearloop’s parent company, Silicon Ranch, to bring locally-generated, reliable renewable energy to the county for the first time ever, all at the cost-effective prices that members of the rural electric cooperative have come to expect.
“We’re thrilled that Microsoft has chosen to invest in this new solar farm through Clearloop and proud to welcome them as the newest part of our shared legacy here in Panola County,” said Joe Azar, Executive Director of Economic Development for Panola County. “This project will create meaningful opportunities for area residents, creating jobs for our skilled workforce, supporting our entrepreneurial pipeline, and demonstrating that our community is a hub of innovation in the making, ripe for growth. We’re grateful to Microsoft for being intentional with its investments that put places like Panola County, Mississippi on the map for more economic growth opportunities in the future.”
As is the case with all Clearloop projects, the Panola II Solar Farm will be developed, owned, and operated by its parent Silicon Ranch for the lifetime of the project. Through this disciplined and community-focused approach, Clearloop will maintain a long-term vested interest in Panola County and the surrounding region. The Panola II Solar Farm is scheduled to achieve commercial operations in 2024.
About Clearloop:
Clearloop, a Silicon Ranch Company, customizes carbon solutions for organizations of all sizes, from global corporations to small businesses and educational institutions, to decarbonize the economy and accelerate the development of new solar projects in American communities where the greatest economic and environmental benefits can be achieved. These projects reduce greenhouse gas emissions while spurring economic investment to usher in a more equitable energy transition in the United States. Clearloop has pioneered the use of emissionality, a quantitative measurement that compares the impact of renewable energy projects on driving down emissions, to determine where new solar generation can displace the most carbon. Clearloop is shifting climate action investments to accelerate grid decarbonization and help organizations achieve emissions reductions faster and more effectively. To learn more, visit clearloop.us and follow us on Instagram, Twitter, and LinkedIn.
