Starbucks and Nexamp Partner for Solar Expansion - RetailWire
Starbucks and Nexamp Partner for Solar Expansion - RetailWire
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Starbucks and Nexamp Partner for Solar Expansion
July 29, 2024
Starbucks has decided to help expand the use of solar power, particularly in Illinois communities. This move aligns with an official partnership with Nexamp to advance renewable energy in the state.
“Starbucks is committed to our environmental promise to give more than we take, and we have a long history of renewable energy projects that bring clean energy to more communities. We’re proud to support Nexamp’s efforts to bring community solar into areas where it can have the most impact and make savings opportunities available to community members.” Michael Kobori, Starbucks chief sustainability officer via PR Newswire
Through six new solar projects, Starbucks will be responsible for the deployment of over 40 Megawatts of solar energy. These projects will also offer other benefits to the communities involved, such as major electricity savings, the creation of several hundred new jobs, and the acceleration of workforce development programs in collaboration with local organizations. This impact is estimated to affect at least 1,100 residents in the area.
The agreement between Nexamp and Starbucks not only supports sustainability but also aims to enhance energy equity. While Starbucks will receive some renewable electricity credits, most of the energy will benefit local residents and businesses. Construction on these projects has started, and they are expected to be operational by 2025. Both companies plan to expand this initiative to other locations in the future.
Nexamp offers comprehensive solar and storage solutions and claims to be the largest community solar supplier in the U.S. It also provides end-to-end services from project development to operations with over 1 GW of renewable energy assets in play.
This news comes on the heels of how Elliott Investment Management has significantly increased its stake in Starbucks, aiming to boost the company’s stock price through private pressure. The activist investor, known for its recent $2 billion investment in Southwest Airlines, is seeking changes at Starbucks amid the company’s struggles with declining sales and increased competition.
Starbucks’ share price has dropped nearly 35% since its 2021 peak. Elliott’s move comes as Starbucks faces challenges in its core market and has recently lowered its financial projections. The activist firm’s track record includes reviving other companies and advocating for leadership changes.
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