You are here

Starbucks is investing in solar farms and buying power from others

doc74xnodfhn1zyxieilw3_doc6xrmq4zr0uf1eqrba2d6.jpg
Starbucks Corp is investing tax equity in a portfolio of eight Cypress Creek Renewables LLC solar farms in Texas

[NEW YORK] Starbucks Corp is boosting its investments in clean power.

The Seattle-based coffee giant is investing tax equity in 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.

BLOOMBERG

sentifi.com

Market voices on: