Verizon Issues its Fifth $1 Billion Green Bond to Invest in Clean Energy
Telecom giant Verizon announced its fifth $1 billion green bond offering since its initial green bond issue in 2019, with net proceeds to be allocated exclusively toward investments in renewable energy.
This issuance comes after Verizon’s announcement in February that is on track to exceed its goal to source or generate renewable energy equivalent to 50% of its total annual electricity consumption by 2025, and set a new target to reach 100% by 2030.
The company also revealed at the time that it had completed the allocation the net proceeds of its fourth green bond, with all proceeds going to renewable energy investments. Verizon has now issued five green bonds, totaling $5 billion, since 2019, and has secured 3.2 gigawatts (GW) of expected renewable energy capacity via 25 virtual power purchase agreements.
For its latest green bond, the company is partnering with Wells Fargo Securities and four minority- and women-owned firms, CastleOak Securities, L.P., Loop Capital Markets, Ramirez & Co., Inc., and Siebert Williams Shank.
Tony Skiadas, EVP and CFO, Verizon, said:
“I believe our actions speak louder than our words, and I am proud of the steps Verizon has taken towards our ambitious environmental and social impact goals. As one of the largest corporate green bond issuers in the U.S., and as a leader in green finance and diversity in the capital markets with our Green Financing Framework, we are proud that our actions are contributing to greener power grids across the nation.”