New renewable energy deals position Verizon to achieve key energy goal
January 20 2022 - 8:00AM
Verizon continues to be a leading corporate buyer of U.S. renewable
energy, announcing seven new Renewable Energy Purchase Agreements
(REPAs) for an aggregate of approximately 910 megawatts (MW) of
projected renewable energy capacity. These agreements position the
company to achieve its goal to source or generate renewable energy
equivalent to 50 percent of its total annual electrical consumption
by 2025, and help support Citizen Verizon, the company’s
responsible business plan for economic, environmental, and social
advancement.
The seven new agreements bring the cumulative number of REPAs,
signed since December 2019, to 20, and the cumulative aggregate
amount of contracted renewable energy capacity to approximately 2.6
gigawatts (GW).
“We are proud to achieve this key milestone in the transition to
renewable energy,” said Matt Ellis, executive vice president and
chief financial officer at Verizon. “These new agreements will be
funded by our third $1 billion green bond, which we issued in
September 2021, and are fundamental to the company’s ongoing
efforts to be net zero in its operational emissions (scope 1 and 2)
by 2035.”
Verizon’s new REPAs are virtual power purchase agreements and
are expected to help finance the powering of seven new solar and
wind facilities that are under development.
Overview of Verizon’s new REPAs
- Four 15-year REPAs with Leeward Renewable Energy for an
aggregate of up to 640 MW of anticipated renewable energy capacity.
The projects include a facility in the Electric Reliability Council
of Texas (ERCOT) regional market that is expected to be fully
operational in late 2023; two facilities in the Pennsylvania Jersey
Maryland (PJM) Interconnection regional market that are expected to
be fully operational in late 2023; and a facility in the California
Independent System Operator (CAISO) regional market that is
expected to be fully operational in mid-2024.
- A 15-year REPA with Duke Energy Sustainable Solutions for an
aggregate of 180 MW of capacity. The facility, located in the
Midcontinent Independent System Operator (MISO) regional market, is
expected to be fully operational in late 2022.
- Two 15-year REPAs with Lightsource bp for an aggregate of 89.9
MW of capacity. The facilities, both located in the PJM
Interconnection regional market, are expected to be fully
operational by late 2023.
The renewable energy projects associated with Verizon's 20
REPAs, which span 11 states, have a projected capacity of
approximately 2.6 GW, and are anticipated to enable the avoidance
of over 4.8* million metric tons (MT) of CO2 annually.
*Avoided emissions estimate calculated using EPA Greenhouse Gas
Equivalencies Calculator.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on
June 30, 2000 and is one of the world’s leading providers of
technology and communications services. Headquartered in New York
City and with a presence around the world, Verizon generated
revenues of $128.3 billion in 2020. The company offers data, video
and voice services and solutions on its award-winning networks and
platforms, delivering on customers’ demand for mobility, reliable
network connectivity, security and control.
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Media contact: Eric
Wilkenseric.wilkens@verizon.com201.572.9317@ericwilkens
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