Patagonia Works has agreed to invest $13 million in an initiative that will purchase and install more than 1,000 rooftop solar power systems in Hawaii, where most homeowners currently use electricity generated by coal and oil.
Patagonia Works is the holding company Patagonia Founder Yvon Chouinard created in May, 2013 to invest in a variety of ventures to show businesses how they can profit by finding a way to work with nature rather than using it up. The company will make the investment using money from its $20 Million & Change investment fund. Kina‘ole Capital Partners of Hawaii has agreed to raise and invest another $14 million for a total investment of $27 million.
The fund will be used to help lower-income households buy solar power systems and reduce their electricity costs, which average three times levels on the U.S. mainland. That will lower the island’s consumption of oil and coal and create local construction jobs. Homeowners will lease the systems and have an opportunity to buy them over time.
This is smart business for Patagonia and good news for homeowners in Hawai‘i, Patagonia CEO Rose Marcario said in a post on Patagonia’s The Cleanest Line blog. I hope other companies will see how this strategy can bring strong returns and think seriously about doing the same thing. Business can be a driver of change.
