SAN FRANCISCO--(BUSINESS WIRE)--Renewable Properties, a leading developer and financier of 1-20 MW utility solar energy projects, today announced they have signed a community solar subscription agreement with Caribou Coffee Inc. (Caribou), the second largest company-operated premium coffeehouse in the United States with over 300 company-owned locations nationwide, a move that will not only reduce the coffee giant’s energy costs today but hedge against rising utility costs in the future.
The partnership, put together by Minnesota-based community solar subscription manager, Terasota Partners, subscribes Caribou to multiple 1-megawatt community solar gardens throughout Minnesota. Over the term of the agreement, Caribou will receive utility bill credits on their retail location electric bills throughout the state based on the number of kWhs produced by their share of the community solar garden portfolio.
“The collaboration with Renewable Properties and Terasota is really a win-win-win,” says John Walbrun, SVP Supply Chain & Properties at Caribou Coffee. “There’s now more clean solar energy being produced in the state and with the reduction in our energy costs, Caribou can continue to focus on its mission to provide high quality, handcrafted beverages and food that will fuel our customers’ adventures big and small.”
“These are our first two community solar gardens in Minnesota, and this is just the beginning,” says Aaron Halimi, Founder and President of Renewable Properties. “Big brands like Caribou have huge energy costs, and more often than not, a footprint that’s spread out. Thanks to the public services commissions and forward-thinking utilities like Xcel Energy, businesses like Caribou can benefit from community solar gardens and leave the engineering, permitting, construction, maintenance and operation of large-scale solar projects to us.”
“Community solar allows businesses, residents, and public entities to subscribe to an off-site solar installation without hosting the project on their property,” says Jake Wanek, VP of Subscriber Acquisition for Terasota Partners. “Working with the teams at Caribou and Renewable Properties has been easy and we hope to work with both parties on more projects very soon.”
The average annual production from the two solar arrays is 3,612,949 kWhs, which is enough to power 347 single-family homes a year.* By using solar energy, these community solar gardens are offsetting the equivalent in CO² emissions from 542 passenger vehicles driven for one year.**
*Residential energy consumption based on data from the US EIA
**Greenhouse gas emission calculations sourced from EPA’s Greenhouse Gas Equivalencies Calculator
About Renewable Properties
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility and commercial solar energy projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties works closely with communities, developers, landowners, utilities and financial institutions looking to invest in solar energy systems. For more information go to www.renewprop.com.
About Caribou Coffee
Founded in 1992, Caribou Coffee is the second largest company-operated premium coffeehouse in the United States with over 300 company-owned locations nationwide. Caribou Coffee also has over 120 domestic license locations in 22 states, and over 270 international franchise stores in 11 countries. Caribou Coffee provides high quality, handcrafted beverages and food options to fuel life's adventures, both big and small. Known for a commitment to sustainability, the Company was the first major U.S. coffeehouse to serve 100% Rainforest Alliance Certified™ coffees and espresso. Caribou Coffee products can also be found in grocery stores, mass retailers, club stores, foodservice providers, hotels, entertainment venues and online. To learn more about Caribou Coffee, visit CaribouCoffee.com, and follow the coffeehouse on Facebook, Twitter or Instagram. Sign up for Caribou Coffee's loyalty program, Caribou Perks, at www.caribouperks.com.
About Terasota Partners
Terasota Partners is based out of Minneapolis, MN and works with developers of community solar throughout the country to acquire and manage community solar subscriptions. Terasota eases the burden of developers’ growing community solar portfolios and makes it easy for businesses and public entities to support local energy generation without the upfront investment of constructing their own solar assets.
