Verizon signs new Renewable Energy Purchase Agreements bringing total to 840 MW of renewable energy

Rhea-AI Summary

Verizon Communications has announced four new long-term renewable energy purchase agreements (REPAs) totaling over 450 MW of renewable capacity, advancing its goal to achieve carbon neutrality in operations by 2035. The agreements include two with Brookfield Renewable for 160 MW from repowered wind facilities in New York, expected operational by 2021, and two with First Solar for 296 MW from solar facilities, projected to be operational by late 2022. These initiatives align with Verizon's commitment to source renewable energy for 50% of its total electricity consumption by 2025.

Positive

• New REPAs total over 450 MW of renewable energy capacity.
• Commitment to carbon neutrality in operations by 2035.
• Wind facilities expected to be operational in 2021.
• Solar facilities expected to be operational in late 2022.
• Supports Verizon's initiative for 50% renewable energy by 2025.

Negative

• None.

BASKING RIDGE, N.J., Aug. 26, 2020 (GLOBE NEWSWIRE) -- Verizon Communications Inc. today announced that it has entered into four more long-term renewable energy purchase agreements (REPAs) totaling more than 450 megawatts (MW) of renewable energy capacity as part of its commitment to be carbon neutral in its operations (scope 1 and 2) by 2035. These agreements, which are virtual power purchase agreements, will help finance the re-powering of wind energy facilities and the construction of new solar facilities.

Verizon entered into two REPAs with Brookfield Renewable for an aggregate of up to 160 MW of capacity at two wind energy facilities that are being repowered. The wind energy facilities are located in New York where Verizon has significant energy usage, and the repowered facilities are expected to be fully operational in 2021. The agreements have 12-year terms and generally are expected to be financially settled.

Verizon also entered into two REPAs with First Solar for an aggregate of up to 296 MW of capacity from two solar facilities that are under development in the PJM Interconnection regional market and that First Solar intends to power using its lowest carbon footprint solar modules. The agreements with First Solar have 15-year terms from the commencement of each facility's entry into commercial operations, which is expected to occur in late 2022. The agreements are generally expected to be financially settled.

“In 2019 Verizon issued a $1 billion green bond to help fund the company’s sustainability efforts, including our initiative to source or generate renewable energy equivalent to at least 50% of our total annual electricity consumption by 2025,” said James Gowen, Verizon’s chief sustainability officer and vice president, supply chain operations. “Bringing this additional renewable energy to the grids where Verizon consumes energy is an important step towards meeting this commitment.”

Earlier this year, Verizon announced it had entered into REPAs for an aggregate of more than 380 MW of renewable energy under development in Texas and Illinois. Verizon anticipates that the renewable energy capacity supported by the REPAs the company has executed to date will enable 981,444 million metric tons of CO₂e to be avoided annually.¹

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as 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 $131.9 billion in 2019. 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.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

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¹ https://www.epa.gov/energy/greenhouse-gases-equivalencies-calculator-calculations-and-references

Media contact:
Kim Ancin
kimberly.ancin@verizon.com
908.801.0500

Eric Wilkens
eric.wilkens@verizon.com
201.572.9317

FAQ

What are the new renewable energy agreements announced by Verizon?

Verizon announced four new REPAs totaling over 450 MW of renewable energy capacity, supporting its carbon neutrality goals.

When will the new wind energy facilities be operational?

The repowered wind energy facilities are expected to be fully operational in 2021.

What is Verizon's carbon neutrality target?

Verizon aims to achieve carbon neutrality in its operations by 2035.

How much renewable energy does Verizon plan to source by 2025?

Verizon plans to source renewable energy equivalent to at least 50% of its total annual electricity consumption by 2025.

What is the expected operation date for Verizon's solar facilities?

The solar facilities are projected to be operational by late 2022.