Verizon completes final allocation of its second $1 billion green bond

Rhea-AI Summary

Verizon has released its Green Bond Impact Report, detailing the allocation of nearly $1 billion from its second green bond. The company is the first U.S. telecom to issue such bonds, totaling $2 billion to support renewable energy projects aimed at achieving net zero emissions by 2035. All proceeds from the second bond have funded 1 GW of renewable capacity, with 83% from solar and 17% from wind energy. This initiative is in line with Verizon’s Citizen Verizon program for responsible business practices.

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• Verizon has issued $2 billion in green bonds, demonstrating a long-term commitment to sustainability.
• The full allocation of the second green bond supports 1 GW of renewable energy capacity, enhancing its environmental impact.

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• None.

NEW YORK, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Today, Verizon issued its Green Bond Impact Report, outlining the full allocation of the nearly $1 billion of net proceeds from its second green bond.

Verizon became the first U.S. telecom company to issue a green bond back in February 2019. In September 2020, the company issued its second green bond, and remains the only U.S. telecommunications company to complete the full allocation of two green bonds.

“To date, we have issued $2 billion in green bonds that support the transition to a greener grid and help us achieve our ambitious goal of net zero emissions in our operations by 2035,” said Matt Ellis, Verizon’s executive vice president and chief financial officer. “Verizon’s green bond projects demonstrate our long-term commitment to minimize our environmental impact, drive operating efficiencies and benefit the communities we serve.”

Verizon has fully allocated the net proceeds of its second green bond entirely to virtual power purchase agreements for renewable energy projects. These projects are for approximately 1 gigawatt (GW) of new renewable energy generating capacity across seven states, of which about 83 percent is solar energy generating capacity and 17 percent is wind energy generating capacity.

The use of proceeds from the bond is part of Citizen Verizon, the company’s responsible business plan for economic, environmental and social advancement. The Green Bond Impact Report can be found on the company’s fixed income investor relations site. The website address is https://www.verizon.com/about/investors/green-bond-reports

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and 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 Wilkens
eric.wilkens@verizon.com
201.572.9317
@ericwilkens