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18 Jan Verizon Announces New Long-term Renewable Energy Agreements
US Telecom giant Verizon [VZ:US] announced a series of new long-term renewable energy purchase agreements (REPAs), adding 410 megawatts (MW) of renewable energy from new facilities across the US, as reported by ESG Today on January 16. The new agreements bring Verizon’s projected renewable energy capacity to more than 3 gigawatts (GW), 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 announcement follows Verizon’s issuance last year of its fourth USD1bn green bond. The company has allocated billions from green bond offerings over the past few years to scale up its use of renewable energy.
This milestone is a significant step towards Verizon’s goal of being net zero in operational emissions by 2035. The new REPAs include two deals with Invenergy, a private company producing sustainable energy solutions, combining up to 240 MW of renewable energy capacity in the Electric Reliability Council of Texas 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 interconnection regional market.