Starbucks Coffee Co. has teamed up with U.S. Bank, Cypress Creek Renewables and ENGIE Resources to power Texas Starbucks locations with solar energy.
Two projects developed, built and operated by Cypress Creek are now providing enough energy for the equivalent of 360 Starbucks stores in the Lone Star State, including in Houston, Dallas, Fort Worth, Plano and Arlington.
The two 10 MW projects are located in Wharton and Blossom, Texas. ENGIE Resources is providing retail energy requirements, including a structure that provides budget certainty via a fixed price and an energy supply contract.
Starbucks is separately investing in six Cypress Creek-owned solar farms in Texas, representing 50 MW 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,” states 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.”
The U.S. Bancorp Community Development Corp., 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 solar projects; they previously worked on a 47 MW solar farm in Maxton, N.C., which powers 600 Starbucks stores.
“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,” adds Matthew McGovern, CEO of Cypress Creek. “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.”