Sign Up for FREE Daily Energy News
CDN NEWS  |   US NEWS  | TIMELY. FOCUSED. REVELANT. FREE
BREAKING NEWS:

EnergyNow Subscription Offer
Hazloc Heaters
Hazloc Heaters
EnergyNow Subscription Offer

Starbucks Is Investing in Portfolio of Solar Farms in Texas


Apr 15, 2019, by Brian Eckhouse
(Bloomberg)

Starbucks Corp. is boosting its investments in clean power.

The Seattle-based coffee giant is investing in tax equity from a portfolio of eight Cypress Creek Renewables LLC solar farms in Texas, according to a statement Monday. Terms weren’t disclosed.

In tax-equity deals, companies passively invest in power projects in return for using renewable-energy credits that offset their own tax liabilities.

Starbucks also agreed to buy solar power from two of the Cypress Creek projects, in Wharton and Blossom, Texas. The 10-megawatt solar farms produce enough energy to power the equivalent of 360 Starbucks stores. The company announced in 2017 that it would buy power from a solar farm in North Carolina.

Starbucks is among the few companies that are both buying clean power and investing in tax equity, said Kyle Harrison, an analyst at BloombergNEF. “There’s a two-sided aspect to this: sustainability and a business opportunity,” he said.



Share This:



More News Articles


New SHOWCASE Directory Companies

 

Scovan Engineering
Hazloc Heaters
Dycat Solutions
Bedrock Automation