(Photo Credit: Starbucks Corporation)Starbucks Coffee Company, Cypress Creek Renewables and US Bank recently announced they are teaming up on a portfolio of solar farms across Texas. As a part of the deal, two solar farms developed, built and now operated by Cypress Creek are providing enough energy to power approximately 360 Starbucks stores in the state, including stores 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 a fixed price and a retail energy supply contract.
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 today is reducing carbon emissions by an estimated 101,000 tons per year.
The US Bancorp Community Development Corporation (USBCDC), the tax credit division of US 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 US 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.
