Since December 2019, Verizon has entered into 13 long-term renewable energy purchase agreements totaling nearly 1.7 GW of capacity. All virtual power purchase agreements (VPPAs), Verizon signed six contracts for 845 MW of solar energy in the last three months of 2020.
The agreements are part of Verizon’s ongoing efforts to achieve carbon neutrality in its operations by 2035, a key commitment of Citizen Verizon, the company’s responsible business plan for economic, environmental and social advancement.
As part of its most recent efforts, Verizon entered into three 15-year VPPAs with Invenergy for 525 MW of capacity. The generation will come from three solar projects: one 250-MW project located in the MISO regional market, and two projects totaling 275 MW located in the PJM Interconnection regional market. All of the projects are expected to be operational by the end of 2023.
In addition, Verizon entered into a 15-yearVPPA with Lightsource bp for 152.5 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational in late 2022.
Verizon also entered into a 15-year VPPA with EDF Renewables for 92.5 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational in late 2022.
Lastly, Verizon entered into a 15-year VPPA with a subsidiary of NextEra Energy Resources for 75 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational in late 2023.
“Last year, Verizon issued its second $1 billion green bond, which will be used to fund long-term renewable energy purchase agreements that support the construction of solar and wind facilities. These facilities will bring new renewable energy to the grids that power our networks,” said James Gowen, Verizon’s chief sustainability officer and vice president, supply chain operations. “Verizon is committed to supporting the transition to a greener grid by making substantial investments in renewable energy.”
Verizon’s other VPPAs, which it announced earlier in 2020, relate to more than 840 MW of renewable energy under development in Illinois, New York, North Carolina, Ohio and Texas.
News item from Verizon