Verizon surpasses 3.0 gigawatts of projected renewable energy capacity

Rhea-AI Summary

On January 12, 2023, Verizon announced four new long-term renewable energy purchase agreements (REPAs) totaling up to 410 megawatts (MW), pushing its total renewable energy capacity beyond 3.0 gigawatts (GW). These agreements contribute to Verizon's goal of sourcing 50% of its electricity consumption from renewable sources by 2025. The company has signed 24 REPAs since 2019, equating to approximately 8.4 million megawatt hours (MWh) of annual electricity production, enough to power over 707,000 homes. Verizon aims for net-zero operational emissions by 2035.

Positive

• Surpassed 3.0 GW of total renewable energy capacity.
• Signed 24 REPAs since 2019, amounting to 8.4 million MWh of annual production.
• Aiming for 50% of electricity from renewable sources by 2025.
• Issued $4 billion in green bonds to invest in renewable energy.

Negative

• None.

NEW YORK, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Verizon signed four new long-term renewable energy purchase agreements (REPAs) for an aggregate of up to 410 megawatts (MW) of renewable energy capacity. With these new agreements, Verizon has surpassed 3.0 gigawatts (GW) of total projected renewable energy capacity, as it continues to be a leading buyer of U.S. renewable energy. These agreements also position the company to meet its goal to source or generate renewable energy equivalent to 50 percent of its total annual electricity consumption by 2025.

Since 2019, Verizon has signed 24 REPAs for more than 3.0 GW of projected renewable energy capacity, which is roughly equivalent to 8.4 million megawatt hours (MWh) of annual electricity production, enough to power more than 707,000 homes for a year¹.

These agreements also support Citizen Verizon, the company’s responsible business plan for economic, environmental and social advancement.

"We are proud to be among the leading corporations in the U.S. in buying renewable energy," said Matt Ellis, executive vice president and chief financial officer at Verizon. "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.”

Overview of Verizon’s new REPAs

• Two REPAs with Invenergy for an aggregate of up to 240 MW of renewable energy capacity. The projects include a facility in the Electric Reliability Council of Texas (ERCOT) regional market that became operational in 2022; and a facility in the Southwest Power Pool (SPP) regional market.
• A 12-year REPA with Enel North America for an aggregate of up to 100 MW of anticipated renewable energy capacity. The wind facility, located in the SPP regional market, became operational in December 2022.
• A REPA for an aggregate of up to 70 MW of anticipated renewable energy capacity. The facility is located in the Pennsylvania Jersey Maryland (PJM) Interconnection regional market.
  

To date, seven renewable energy facilities relating to Verizon's REPAs for an aggregate of more than 800 MW of capacity are operational. This includes the wind facility relating to Verizon’s previously announced REPA with Duke Energy Sustainable Solutions, which recently became fully operational.

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 $133.6 billion in 2021. 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 verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Eric Wilkens
eric.wilkens@verizon.com
201-572-9317
@ericwilkens

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^{1 https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator}

FAQ

What is Verizon's latest renewable energy initiative?

Verizon announced four new renewable energy purchase agreements (REPAs) on January 12, 2023, for up to 410 MW.

How much total renewable energy capacity does Verizon have?

Verizon has surpassed 3.0 gigawatts (GW) of total renewable energy capacity.

What are the goals of Verizon regarding renewable energy by 2025?

Verizon aims to source or generate renewable energy equivalent to 50% of its total annual electricity consumption by 2025.

What is Verizon's target for operational emissions by 2035?

Verizon's target is to achieve net-zero operational emissions (scope 1 and 2) by 2035.

How does Verizon's renewable energy capacity impact its business?

Verizon's renewable energy initiatives enhance its sustainability profile and position it as a leader in green financing.