Generate Announces Unique Partnership With Starbucks to Supply Clean Energy to Starbucks Stores & Provide Affordable, Green P...
May 13 2021 - 9:01AM
Business Wire
Projects to Expand Access to Clean Energy for Starbucks stores
and up to 24,000 Households, Small Businesses, Churches,
Non-Profits and Universities
Generate, a leading provider of sustainable infrastructure,
announced today that it has put the first six of up to 23 New York
State community solar projects into service under an innovative
multi-year facility with Starbucks Coffee Company. The projects are
expected to supply solar energy for local Starbucks stores and up
to 24,000 households, small businesses, nonprofits, churches,
universities and stores in multiple geographies, including those
designated as under-served communities. In addition to clean
energy, program participants will receive a discount to their
current electricity rates under New York State’s Community
Distributed Generation program, making clean energy access more
affordable.
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A community solar project funded by
Generate and Starbucks is providing 2.9 MWdc of clean energy and
additional energy storage capacity in Dutchess County, New York.
Source: Cypress Creek Renewables
The solar projects will provide more than 119,885 MWhs of clean
energy to Starbucks New York stores and the surrounding community
annually, supporting Starbucks’ multi-decade commitment to becoming
a resource-positive company by storing more carbon than it emits
and reducing carbon by 50% by 2030. Starbucks has committed $97
million of tax equity to the community solar projects, in an
innovative collaboration with Generate and Churchill Stateside
Group.
“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,” said Michael Kobori,
chief sustainability officer, Starbucks. “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.”
The projects represent some of the first community solar and
storage projects in New York State’s fast-growing community solar
market. Generate is a leading owner and operator of community solar
and storage projects in New York State, with more than 182 MW of
New York community solar projects owned or in construction. 38
Degrees North collaborated with Generate on the projects and
financings.
Starbucks made the investment through a fund established by
financial services company Churchill Stateside Group. Additionally,
Starbucks is receiving renewable energy credits from the projects,
which are expected to offset over 70% of Starbucks electricity
usage within the state.
"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,” said Peggy Flannery, Principal at Generate.
“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.”
About 24 MW of the Starbucks-backed projects are now in
service.
About Generate
Generate Capital, Inc. is a leading sustainable infrastructure
company driving the infrastructure revolution. Generate builds,
owns, operates and finances solutions for clean energy, water,
waste and transportation. Founded in 2014, Generate partners with
over 35 technology and project developers and owns and operates
more than 2,000 assets globally. Generate is the one-stop shop
offering pioneers of the infrastructure revolution tailored funding
and support needed to get projects built. Our
Infrastructure-as-a-Service model delivers affordable, reliable and
sustainable resources to over 1,000 customers, companies,
communities, school districts and universities. Together, we are
rebuilding the world. For more information, please visit
www.generatecapital.com.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 32,000 stores around the globe, the company is the
premier roaster and retailer of specialty coffee in the world.
Through our unwavering commitment to excellence and our guiding
principles, we bring the unique Starbucks Experience to life for
every customer through every cup. To share in the experience,
please visit us in our stores or online at www.starbucks.com.
About Churchill Stateside Group
Churchill Stateside Group and its wholly owned affiliates (CSG)
serve the affordable housing and renewable energy industries. CSG
sponsors tax equity investment funds for institutional investors
and provides a variety of construction and permanent financing
solutions. CSG has long-standing and successful investment
relationships with numerous Fortune 500 corporate investors,
pension funds, and insurance companies. The company’s investor and
developer clients benefit from our experienced staff, prominent and
proactive senior leadership, and attractive debt and equity
platforms. The company, through its subsidiary Churchill Mortgage
Investment LLC, is an approved USDA Rural Development and HUD/FHA
MAP and LEAN lender and Ginnie Mae Issuer. For more information,
please visit www.CSGfirst.com.
About 38 Degrees North
38 Degrees North is an investment manager specializing in
contracted renewable energy infrastructure with a primary focus on
solar energy and battery storage. The managing partners have a
track record of over 3GW of successful renewable energy project
financings across a variety of asset classes. For more information,
please visit www.38degreesn.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210513005242/en/
Emily Chasan (415) 480-2914 press@generatecapital.com
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