April 15 (Renewables Now) - US coffee company Starbucks (NASDAQ:SBUX) announced today that it is investing in a 50-MW solar portfolio, while also buying power from two separate solar plants totalling 20 MW.
Starbucks said in a statement that Cypress Creek Renewables has completed two 10-MW solar farms in Texas that now generate enough power to meet the annual consumption of 360 Starbucks stores in Houston, Dallas, Fort Worth, Plano and Arlington. Engie Resources is providing full retail energy requirements, the announcement says.
At the same time, Starbucks is investing in a portfolio of six Cypress Creek-owned solar farms in Texas with a combined capacity of 50 MW.
The US Bancorp Community Development Corporation (USBCDC) brought two two parties together for this transaction and contributed a portion of the tax equity investment.
“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,” said Chris Roetheli, business development officer with the USBCDC.