Starbucks New Approach to Renewable Energy
Investments Directly Benefits Local Community
Starbucks Coffee Company, Cypress Creek Renewables and U.S. Bank
today announced they are teaming up on a portfolio of solar farms
across Texas. As a part of the deal, two solar farms developed,
built and now operated by Cypress Creek, one of the nation’s
leading solar companies, are providing enough energy for the
equivalent of 360 Starbucks stores in Lone Star State, including
stores in Houston, Dallas, Fort Worth, Plano and Arlington.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190415005359/en/
On April 15, 2019, Starbucks Coffee
Company, Cypress Creek Renewables and U.S. Bank announced they are
teaming up on a portfolio of solar farms across Texas. (Photo:
Business Wire)
Investing in green energy is one way Starbucks supports its
aspiration of sustainable coffee served sustainably. Starbucks is
the number one purchaser of renewable electricity in its sector on
the Environmental Protection Agency’s Green Power Partnership
Retail Top 30i. Not only is Starbucks continuing to lead the way in
purchasing renewable energy to reduce its environmental impact, the
company is also being more regionally intentional with its approach
by investing in local projects to directly support the markets
where it has stores. This relationship with Cypress Creek and U.S.
Bank is an example of that strategic approach at work.
With the final solar farm in the portfolio now producing energy,
hundreds of Starbucks stores across Texas are now powered by two,
10-megawatt Cypress Creek-owned solar farms located in Wharton and
Blossom, Texas. ENGIE Resources is providing full retail energy
requirements, including a structure that provides budget certainty
via a fixed price and a simple retail energy supply contract.
Starbucks is separately investing in six Cypress Creek-owned
solar farms in Texas, representing 50 megawatts of solar energy. In
total, the portfolio of eight projects announced today is reducing
carbon emissions by an estimated 101,000 tons per year, the
equivalent of planting nearly 2.5 million trees.
“At Starbucks, we are proud of our 30-year legacy in
environmental leadership as we know the planet is our most
important partner,” said Rebecca Zimmer, Starbucks director of
global environmental impact. “Our long-standing commitment to
renewable energy supports our greener retail initiative and
demonstrates our aspiration to sustainable coffee, served
sustainably. Now, we are investing in new, renewable energy
projects in our store communities, which we know is something our
partners and customers can appreciate for their local economy and
for the environment.”
Cypress Creek is a leading developer, investor, builder and
operator of solar energy generating assets in regulated and
deregulated markets across the United States. The company has
successfully developed more than 3.5 gigawatts of solar.
“Cypress Creek is thrilled to join forces with Starbucks, U.S.
Bank and Engie to provide a locally-sourced solar product to
energize Starbucks Texas stores,” said Matthew McGovern, CEO of
Cypress Creek Renewables. “Starbucks and other forward-looking
companies are carrying out their bold renewable energy targets, and
Cypress Creek is proud to provide the innovative and tailored
energy solutions needed to bring their vision to life.”
The U.S. Bancorp Community Development Corporation (USBCDC), the
tax credit division of U.S. Bank, brought Cypress Creek and
Starbucks together to facilitate the transaction and provided a
portion of the tax equity investment. This is the second time
Starbucks and U.S. Bank have worked together to develop and finance
a solar project, having previously worked on a 47-megawatt solar
farm in Maxton, NC that powers 600 Starbucks stores.
Chris Roetheli, business development officer with the USBCDC,
said solar tax equity investments are increasing in popularity
among non-traditional investors, like Starbucks.
“Starbucks is taking a unique approach – investing in solar
farms regionally to support a specific group of its stores. This is
a new concept and one that I think other companies are watching and
may follow. It’s an interesting model that allows them to talk
specifically about the impact of their investments,” Roetheli
said.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 30,000 stores around the globe, Starbucks is the
premier roaster and retailer of specialty coffee in the world.
Through our unwavering commitment to excellence and our guiding
principles, we bring the unique Starbucks Experience to life for
every customer through every cup. To share in the experience,
please visit our stores or online at stories.starbucks.com and
Starbucks.com.
About Cypress Creek Renewables
Cypress Creek believes solar makes the world cleaner and
healthier. Our team successfully develops, builds and operates
solar facilities across the United States. With more than 3.5
gigawatts of solar developed in more than a dozen states, Cypress
Creek Renewables is one of the country’s leading solar companies.
For more information about Cypress Creek Renewables, please visit
https://ccrenew.com.
About U.S. Bancorp Community Development Corporation:
With $29 billion in managed assets as of Dec. 31, 2018, U.S.
Bancorp Community Development Corporation, a subsidiary of U.S.
Bank, provides innovative financing solutions for community
development projects across the country using state and federally
sponsored tax credit programs. USBCDC's commitments provide capital
investment to areas that need it the most and have contributed to
the creation of new jobs, the rehabilitation of historic buildings,
the construction of needed affordable and market-rate homes, the
development of renewable energy facilities, and the generation of
commercial economic activity in underserved communities. Visit
USBCDC on the web at www.usbank.com/cdc.
i
https://www.epa.gov/greenpower/green-power-partnership-top-30-retail
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