Clif Bar & Co. has launched the Clif Ag Fund, an investment fund to help increase the economic resilience of organic farmers in its supply chain. The fund's initial investment will help finance a $10 million program that could provide up to 80 organic farms with long-term energy cost savings from hosting on-farm wind turbines.
The Clif Ag Fund's wind energy program is a partnership of United Wind, Clif Bar, and two of Clif's ingredient suppliers, Grain Millers and PURIS. Clif is providing initial seed funding of $500,000 to the wind energy program, with other large investors slated to invest the remaining $9.5 million.
The wind energy program will focus on farms in Midwestern states such as Iowa, Minnesota, North Dakota, and South Dakota. Farmers in the program will lease a small wind turbine from United Wind that will provide electricity needs at a fixed monthly rate for 20 to 30 years, with no upfront fees or maintenance costs.
Matthew Dillon, senior director of agricultural policy and programs for Clif Bar, says over time, the Clif Ag Fund will pursue a variety of investments on behalf of organic farmers in its supply chain, ranging from new technologies to infrastructure development.
Since 2003, Clif Bar has purchased more than 1 billion pounds of organic crops. According to the company, it is the nation's largest private funder of organic research, funding 17 graduate fellowships in organic plant breeding and committing to raise $10 million to fund endowed chairs in organic plant breeding at U.S. public universities.
Related: Lundberg Family Farms Offsets Energy Use with Solar Power; Starbucks Signs Renewable Energy Agreement.
from Specialty Food News http://bit.ly/2SOFIwQ
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