Why oil majors Shell and BP are combining solar energy and agricultural production

Published

2 years ago

November 14, 2023

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At Elm Branch Solar Farm, about an hour south of Dallas, Texas, a flock of sheep grazes among a vast field of solar panels. The flock’s shepherd, Amanda Stoffels, watches over it as the sheep munch on the grass and nap in the shade provided by the panels.

Stoffels owns this land, but leases it to Lightsource BP, a major solar energy developer that’s 50% owned by British oil major BP. She earns a steady monthly income from the lease payments as well as through her grazing contract with Lightsource, which pays her to graze her sheep around the panels, thereby keeping vegetation in check.

“It’s a new, modern approach to agriculture,” Stoffels says. Her contracts with Lightsource allowed her to quit her 9 to 5 job to become a full-time shepherd.

An emerging industry called agrivoltaics combines solar energy production with agricultural activities such as sheep grazing, beekeeping and crop growing. This land management strategy could help alleviate the tension between farmers and solar developers, groups that often have competing land-use interests.

“Even though the United States is a very large country with a lot of available land, every single square inch of land is either owned, protected or cherished by someone or many people. And many people do not want to see that land change or transform into something different from what it has been,” explained Jordan Macknick, the Lead Energy-Water-Land Analyst for the National Renewable Energy Laboratory.

Agrivoltaic projects, Macknick says, could be a sort of compromise. “So agrivoltaics really offers us that opportunity to continue farming, continue doing these agricultural activities while also producing clean electricity.”

Amanda Stoffels feeds her flock of sheep at Elm Branch Solar Farm in Ellis County, Texas. Stoffels earns money by leasing her land to solar developer Lightsource BP and grazing her sheep around the panels.

Juhohn Lee

Crop growing on solar farms is still a nascent area of research and some farmers still have concerns.

“Solar takes some of the best land out of production because they want land that’s 1% to 4% slope,” explained Tom Koranek, a landowner and beekeeper who leases land to Lightsource and produces honey on the solar farm. That flat, treeless land is ideal for both solar panels and crop production, he says.

Still, agrivoltaic projects are as close to a win-win for farmers and solar developers as we currently have, and as the solar industry rapidly expands, experts say we can expect to see agrivoltaics expanding right alongside it.

Opening up new markets

The nation will need to build out a massive amount of utility-scale solar to meet its decarbonization goals. Given that agricultural land comprises 44% of the U.S.’ total land area, many solar developers are looking to cite new projects on farms.

“For solar developers, I think the attraction of agrivoltaics is largely that it helps with community acceptance and community excitement about solar projects” explains Becca Jones-Albertus, Director of the U.S. Department of Energy’s Solar Energy Technologies Office. “Grazing land in this country is about a third of all of our land use. And if you’re able to make that a dual use with solar energy production, you have now opened up a huge potential market space that wasn’t open before.”

Today, the U.S. has about five gigawatts of agrivoltaic projects, encompassing more than 35,000 acres across over 30 different states. While this only represents about 3% of the country’s installed solar capacity, it’s a growing industry, and farmers are taking note.

“It’s a much better financial contribution than growing crops,” said Koranek about leasing his land to Lightsource. “Crops are very risky. So some years you may make a good return and other years you may not. And so this is a steady income year every year.”

Landowner and beekeeper Tom Koranek shows off the honey he produces at Briar Creek Solar Farm in Navarro County, Texas.

Katie Brigham

Lightsource operates a combined 615 megawatts of sheep grazing and solar power projects, around 12% of the nation’s entire agrivoltaic portfolio. The company plans to add an additional 1,058 megawatts worth of projects next year.

Shell is also involved in the space through its 44% stake in solar developer Silicon Ranch. The ranch operates 1,300 megawatts of agrivoltaic projects with an additional 900 megawatts planned over the next two years.

While most solar developers opt to lease land, Silicon Ranch buys it outright, often purchasing degraded farmland that’s no longer in production.

“We want to tell these communities that we are committed for the long haul, and we’re going to become members of these communities in meaningful ways,” said Silicon Ranch’s Co-Founder and CEO, Reagan Farr. “So our business model of owning real estate was a function of how we viewed this asset class.”

Like Lightsource, Silicon Ranch pays local ranchers to graze sheep on their solar farms. But Farr says the company has encountered a sheep shortage, leading Silicon Ranch to invest in its own flock, which it plans to grow to over 30,000 by 2030.

While there are other players in the domestic agrivoltaic market such as Enel Green Power and US Solar, Lightsource and Silicon Ranch remain the largest players in the space. American oil majors such as Chevron and Exxon haven’t invested in agrivoltaics.

Solar plus crop production

While it’s relatively well understood how to graze sheep and create pollinator habitats among solar panels, it’s a trickier prospect to grow crops below and between the panels.

Many crops such as tomatoes and broccoli can theoretically grow beneath solar panels, but the design of the solar array usually needs to be altered, often by elevating the panels so that crops can reach their full height. That gets costly, and while the economics can work for small-scale projects in markets with strong solar incentives, scaling up is a challenge.

“I would say given the existing cost of PV technology, given the existing energy markets that we have in the United States, it will be very challenging to see crop production agrivoltaics happen at a scale bigger than five megawatts at a time,” says Macknick.

But even if we won’t see utility-scale crop production and solar energy projects anytime soon, there’s still a lot of energy in this space. The Department of Energy is currently funding six agrivoltaic projects, with the goal of enabling the deployment of over 1 megawatt of projects focused on crop production, and over 10 megawatts of projects focused on grazing and pollinator habitats.

Lightsource BP says it’s interested in getting into crop production, hoping that one of its sites can serve as a test project next year. Farr says Silicon Ranch isn’t pursuing partnerships yet. But whatever route both companies, and their oil industry backers, take, community relationships and mutually beneficial land-use arrangements are going to be paramount.

“We need to bring value to the communities where we site these solar arrays, or we’re going to lose our social license to operate. And that’s going to hurt our ability to meet some of these very aggressive, renewable energy goals that we have as a country,” said Farr.

Watch the video to learn more about the emerging agrivoltaics industry and hear from the farmers involved.

Environment

$250M Series B raise boosts XPeng AeroHT flying car ambitions

Published

9 hours ago

July 18, 2025

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0M Series B raise boosts XPeng AeroHT flying car ambitions

Xpeng Aeroht secures additional $100m in Series B funding

Chinese carmaker XPeng is getting perilously close to bringing its AeroHT consumer eVTOL concept to market, thanks to a $250 million Series B round that’s set to accelerate the company’s modular “flying car” production plans.

XPeng subsidiary AeroHT had its first successful proof of concept test flight ahead of the brand’s annual 1024 back in 2023, where the company unveiled a pair of flying car designs. The X3 is an actual flying “car” that can drive, park, and take off on its own, and a second, modular eVTOL that folds up into the back of an electric van called the Land Aircraft Carrier.

That vehicle pair, shown at CES in January, was set to begin production this year, with the eVTOL component set to begin production in 2026 – and that’s looking a lot more likely thanks to the new infusion of capital!

AeroHT at CES 2025

Xpeng Aeroht raised $150 million in Series B1 funding last August, before launching its Series B2 funding round. The most recent announcement that the company has secured an additional $100 million in its Series B2 funding round brings the total amount raised to more than $750 million, with a $1B pre-revenue valuation.

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CNEVPost reports that company aims to establish itself as a commercial pioneer in urban air mobility ahead of a potential IPO – and may get there sooner than later, thanks to several hundred pre-orders at the $280,000 projected price.

Electrek’s Take

flying car Dubai — AeroHT sixth-generation X3 flying car; via XPeng.

Scooter Doll said it best, writing, “this footage (of the AeroHT test flight) is as scary and concerning as it is exciting and awe-inspiring.” Which is to say that these things are real, they seem like they’re getting built, and they seem like they’ll sell well enough to convince at least one or two remaining boomers that the flying car they’ve been promised their whole lives is – finally! – coming to market.

Here’s hoping.

SOURCE: Xpeng, via CNEVPost; gallery photos by the author.

If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Environment

This metro Atlanta factory roof is now a solar record-breaker

Published

11 hours ago

July 18, 2025

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This metro Atlanta factory roof is now a solar record-breaker

Atlanta largest rooftop solar — Photo: © Beaulieu International Group

Flooring manufacturer Beauflor USA just turned on the biggest rooftop solar system by capacity in metro Atlanta — and it’s now powering part of its Georgia factory.

The new 1,040 kW system in Cartersville officially beats metro Atlanta’s previous rooftop solar record of 1,034 kW. The new array produces enough energy to power more than 100 homes. The system is expected to cover about 10% of Beauflor’s electricity needs and cut its carbon emissions by about 920 metric tons annually.

“This solar installation represents our commitment to sustainable manufacturing practices while making sound business decisions,” said Emile Coopman, continuous improvement manager at Beauflor. He added that the system is designed with room to grow: “This is the first step toward more renewable energy.”

The company partnered with Cherry Street Energy to install the nearly 2,000-panel system, which was completed in less than four months. Cherry Street invested $1.8 million into the project and is covering all construction and maintenance costs through a 30-year energy procurement agreement. Beauflor will buy solar power directly from Cherry Street, allowing it to avoid upfront capital costs while still lowering its energy bills.

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“As Georgia’s manufacturers ramp up production amid rising costs for grid energy, sophisticated operators seek ways to quickly and sustainably address their energy needs,” said Cherry Street CEO Michael Chanin. “On-site solar with no capital expense delivers just that: reliable, affordable electricity.”

Chanin added that the system’s power output is especially impressive: “The previous record-holder for metro Atlanta’s largest rooftop solar required over 4,000 panels. We’re using less than 2,000 to reliably generate even more power.”

The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

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Block shares soar 10% on entry into S&P 500

Published

11 hours ago

July 18, 2025

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Block shares soar 10% on entry into S&P 500

Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

Block shares jumped more than 10% in extended trading on Friday, as the fintech company gets set to join the S&P 500, replacing Hess.

It’s the second change to the benchmark this week, after S&P Global announced on Monday that ad-tech firm The Trade Desk would be added to the S&P 500. Trade Desk is taking the place of software maker Ansys, which was acquired by Synopsys in a deal that closed Thursday.

Hess’ departure comes just after Chevron completed its $54 billion purchase of the oil producer, prevailing against Exxon Mobil in a legal dispute over offshore oil assets in the South American nation of Guyana.

Block will officially join the S&P 500 before the opening of trading on July 23, according to a statement from S&P. Stocks often rally when they’re added to a major index, as fund managers need to rebalance their portfolios to reflect the changes.

Most alterations to the S&P 500 take place during the index’s quarterly rebalancing. However, in the case of the closing of an acquisition, a company can be removed from the index and replaced off schedule. Last week monitoring software company Datadog took Juniper Networks’ place in the S&P 500 as part of the index’s quarterly change.

Block’s addition brings further tech heft to an index that’s been steadily moving in that direction in recent years, reflecting the market cap gains of companies across the sector. Block, which gained popularity as Square due to the rapid growth of the company’s payment terminals, has expanded into crypto, lending and other financial services.

Founded by Jack Dorsey in 2009, Square changed its name to Block in 2021 to emphasize its focus on blockchain technologies.

Block shares are down 14% this year, underperforming the broader U.S. market. The Nasdaq is up more than 8%, while the S&P 500 has gained 7%. Still, with a market cap of about $45 billion, Block is valued well above the median company in the index.

In May, Block reported first-quarter results that missed Wall Street expectations on Thursday and issued a disappointing outlook, leading to a plunge in the stock price. Block’s forecast for the second quarter and full year reflected challenging economic conditions that followed sweeping tariff announcements by President Donald Trump.

“We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year,” the company wrote in its quarterly report.

The company is scheduled to report second-quarter results after the close of regular trading on Aug. 7.

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