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Starbucks And Texas Company Bring Solar Power To 300 Stores

Patch logo Patch 4/15/2019 Bryan Kirk
a close up of a net© Provided by Planck, LLC, d/b/a Patch Media

HOUSTON — Cypress Creek Renewables, a Houston-based company, and Starbucks Coffee Company announced a partnership with U.S. Bank on Monday to provide solar power and green energy to more than 300 Starbucks locations in Houston, Dallas, Fort Worth, Plano and Arlington.

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.

“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,” Matthew McGovern, CEO of Cypress Creek Renewables said in a press release on Monday. “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.”

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.

Meanwhile, 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 Monday 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.”

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.

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