September 27 (Renewables Now) - US coffeehouse Caribou Coffee Inc has subscribed to the output of two 1-MW community solar gardens in Minnesota, it was announced on Friday.
The subscription is the result of a partnership between Caribou Coffee, solar developer and financier Renewable Properties and community solar subscription manager Terasota Partners.
Renewable Properties said in a statement that this deal will lower the coffee company’s current energy costs and, at the same time, hedge against rising utility costs in the future. The agreement calls for Caribou to get utility bill credits on its retail location electric bills throughout Minnesota based on the production of its portion of the solar portfolio.
The two solar arrays generate about 3,612,949 kWh on average a year, which equals the annual consumption of 347 single-family households, the statement says.
At present, Caribou has more than 300 company-owned sites across the country.