Telecom giant Verizon announced a series of new long-term renewable energy purchase agreements (REPAs), adding 410 megawatts (MW) of renewable energy from new facilities across the U.S.
The new agreements bring Verizon’s projected renewable energy capacity to more than 3GW, enough to power more than 707,000 homes for a year, and position the company to meet its goal to source or generate renewable energy equivalent to 50% of its total annual electricity consumption by 2025.
The agreements include two deals with Ivenergy combining up to 240 MW of renewable energy capacity in the Electric Reliability Council of Texas (ERCOT) regional market and the Southwest Power Pool (SPP) regional market, a 12-year agreement with Enel North America for up to 100 MW of capacity from a wind facility in the SPP market, and an additional agreement for up to 70 MW of anticipated capacity from a facility located in the Pennsylvania Jersey Maryland (PJM) interconnection regional market.
The announcement follows Verizon’s issuance last year of its fourth $1 billion green bond. Verizon has allocated billions from green bond offerings over the past few years to scale up its use of renewable energy.
Matt Ellis, executive vice president and chief financial officer at Verizon, said:
“We are proud to be among the leading corporations in the U.S. in buying renewable energy. We are also a leader in green financing, issuing four green bonds totaling $4 billion in as many years, allowing us to further support and invest in renewable energy to deliver on our goal to be net zero in our operational emissions (scope 1 and 2) by 2035.”