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.
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.
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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