Telecom giant Verizon announced the launch of a $1 billion green bond offering, its fourth since its initial green bond issue in 2019. The net proceeds from the green bond are expected to be allocated toward investments in renewable energy.

The new issuance comes only five months after Verizon’s third green bond in September 2021. Verizon announced last month that it already completed the allocation of the proceeds from the $1 billion issuance, unveiling a series of also renewable energy purchase agreements (REPAs) for approximately 910 MW of energy. Including the new REPAs, Verizon has secured approximately 2.6 GW of projected renewable energy capacity in 20 deals since 2019, making the company one of the leading corporate buyers of renewable energy in the U.S.

For the new offering, the company is partnering with BofA Securities and three minority and women-owned firms as lead underwriters, including Loop Capital Markets, Ramirez & Co., Inc., and Siebert Williams Shank.

Matt Ellis, Verizon’s Executive Vice President and Chief Financial Officer, said:

“I’m proud of Verizon’s accomplishments towards our ambitious environmental and social impact goals. We are all very aware of the urgency and need in pursuing sustainable solutions and we are committed to our ESG strategy, knowing there is still a great deal of work ahead of us. It is my hope that Verizon’s leadership will inspire others to take action as well.”