LevelTen Energy Matches Starbucks’ Portfolio PPA
- Jun 07, 2019
LevelTen Energy has closed on a three-project renewable energy portfolio PPA acquired by Starbucks. The deal comprises wind and solar farms in North Carolina, Oklahoma and Texas from developers ALLETE Clean Energy, Apex Clean Energy, BayWa r.e. and Cypress Creek Renewables.
The portfolio was custom-built for Starbucks using LevelTen Energy’s procurement platform, which identifies optimal available project combinations for individual corporate buyers. Companies can then execute PPA contracts individually, independent of other corporate buyers, or they can choose to partner explicitly with other buyers.
Blends of green power
The current deal marks the first time a corporate buyer simultaneously procures a fraction of the power generated by multiple new projects. The PPAs have nearly identical terms and the portfolio will provide clean energy power to the electricity grids that serve more than 3,000 U.S. Starbucks stores and communities by 2021, when all three projects are slated to come online.
The three facilities are expected to generate a combined capacity of 146 megawatts of clean electricity: 50 megawatts of wind power from Diamond Spring Wind—an ALLETE Clean Energy Project in the SPP market, acquired from Apex Clean Energy, anticipated to deliver more than 180,000 megawatt-hours of clean electricity annually; 50 megawatts of solar power from a Cypress Creek Renewables projects in the ERCOT market and 46 megawatts of solar power from Fern Solar project, a BayWa r.e. facility in the PJM market.
The Old Settler Wind project in Texas, owned by Apex and Northleaf Capital Partners, will also provide more than 1.5 million RECs to support Starbucks reach it RE 100 goal until commercial operations at Dimond Spring Wind begin in 2021.