Sustainable infrastructure company Generate Capital announced a partnership with Starbucks that will deliver renewable energy to power the coffee giant’s New York stores, as well as thousands of homes and businesses in local communities.
Through a multi-year facility, Starbucks has committed $97 million of tax equity to the development of 23 community solar projects. Starbucks made the investment through a fund established by financial services company Churchill Stateside Group.
The agreement supports Starbucks’ goal, announced last year, of becoming a “resource positive” company, with targets including cutting carbon emissions from its operations and supply chain in half by 2030.
Michael Kobori, Chief Sustainability Officer, Starbucks, said:
“At Starbucks, our vision is to become resource positive, to give more than we take from the planet. People is what this climate crisis is all about and so we must focus on the people who are disproportionally impacted by climate change. That is why we go beyond simply powering our stores with green energy; we’re committed to supporting and strengthening underserved communities and using our scale for good to bring more clean power onto the grid.”
According to Generate, the projects represent some of the first community solar and storage projects in New York State’s fast-growing community solar market. The projects will provide more than 119,885 MWhs of clean energy to Starbucks New York stores and the surrounding community annually, powering up to 24,000 households, small businesses, nonprofits, churches, universities and stores in multiple geographies, including those designated as under-served communities. Generate announced that it has put up the first six of the projects into service.
Peggy Flannery, Principal at Generate, said:
“Generate is thrilled to partner with Starbucks and Churchill on this unique multi-year financing facility that enables the continued deployment of distributed, affordable clean energy for New Yorkers. Community solar is a critical opportunity to democratize access to clean energy, and we are excited to work with such an innovative corporate partner, with our trusted developers and with our New York customers to bring this entire 90 MW portfolio into service.”