Telecom giant Verizon announced today that it has entered into a series of six renewable energy purchase agreements (REPAs) totalling 845 MW of capacity, bringing the company’s REPA total to nearly 1.7GW since December 2019. Each of the REPAs is a virtual power purchase agreement, expected to help finance six new solar facilities that are under development. With the new agreements, Verizon becomes one of the largest corporate purchasers of renewable energy in the US.
According to Verizon, the renewable energy agreements form part of the company’s efforts to achieve carbon neutrality by 2035, outlined in its “Citizen Verizon” sustainability plan, launched in July 2020. The agreements will be funded by the company’s second $1 billion green bond offering, completed in September.
The new 15-year REPAs include three agreements with Invenergy for an aggregate of 525 MW of capacity, one with Lightsource bp for an aggregate of 152.5 MW, and agreements with EDF Renewables and a subsidiary of NextEra Energy Resources for the remainder.
James Gowen, Verizon’s chief sustainability officer and vice president, supply chain operations, said:
“Last year, Verizon issued its second $1 billion green bond, which will be used to fund long-term REPAs that support the construction of solar and wind facilities. These facilities will bring new renewable energy to the grids that power our networks. Verizon is committed to supporting the transition to a greener grid by making substantial investments in renewable energy.”