Skift Take
Starbucks has tried to paint itself as a "green company" for at least two years now. With strawless lids already in distribution, and a company mandate to introduce new recyclable cups to cut down on its waste footprint by 2022, it may actually be working.
— Danni Santana
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.
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This article was written by Brian Eckhouse from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to [email protected].
