US-based international coffee company Starbucks has teamed up with solar facilities construction firm Cypress Creek Renewables on a portfolio of solar farms across Texas.
Image:Cypress Creek is providing energy from two solar farms for the 360 Starbucks stores. Photo: Courtesy of Business Wire.
As part of the collaboration, Cypress Creek is providing energy from two solar farms it has developed, built and operating, adequate for the 360 Starbucks stores in Lone Star State, including stores in Houston, Dallas, Fort Worth, Plano and Arlington.
Cypress Creek has completed final solar farm in the portfolio and started supplying energy to the hundreds of Starbucks stores across Texas. The stores are now powered by two 10MW 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.
Cypress Creek Renewables CEO Matthew McGovern said: “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.
“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.”
Separately, Starbucks is investing in six Cypress Creek-owned solar farms in Texas, for 50MW of solar energy. Overall, the eight projects are expected to reduce approximately 101,000 tons of carbon emissions per year that equals planting nearly 2.5 million trees.
Starbucks global environmental impact director Rebecca Zimmer said: “At Starbucks, we are proud of our 30-year legacy in environmental leadership as we know the planet is our most important partner.
“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 tax credit division of US Bank, the US Bancorp Community Development Corporation (USBCDC) has brought Cypress Creek and Starbucks together for the transaction and provided a portion of the tax equity investment.