Solar, Sourcing Renewables, Wind - January 29, 2021
Verizon signs 13 renewable energy agreements
Verizon announced on Jan. 28 that it has entered into a total of 13 long-term renewable energy purchase agreements (REPAs) totaling nearly 1.7 GW of renewable energy capacity since December 2019. This has made it of the largest corporate buyers of U.S. renewable energy. The agreements are part of Verizon’s ongoing efforts to achieve carbon neutrality in its operations (scope 1 and 2) by 2035, a key commitment of the company’s responsible business plan for economic, environmental and social advancement.
“Last year, Verizon issued its second $1 billion green bond, which will be used to fund long-term REPAs that support the construction of solar and wind facilities. These facilities will bring new renewable energy to the grids that power our networks,” James Gowen, Verizon’s chief sustainability officer and vice president, supply chain operations, said in a statement. “Verizon is committed to supporting the transition to a greener grid by making substantial investments in renewable energy.”
Verizon has entered into 15-year REPAs with:
- Invenergy for an aggregate of 525 MW of capacity. The generation will come from three solar projects in the MISO and PJM regional markets and are expected to be operational by the end of 2023.
- Lightsource bp for an aggregate of 152.5 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational in late 2022.
- EDF Renewables for an aggregate of 92.5 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational in late 2022.
- A subsidiary of NextEra Energy Resources for an aggregate of 75 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational in late 2023.
Verizon’s other REPAs relate to an aggregate of more than 840 MW of renewable energy under development in Illinois, New York, North Carolina, Ohio and Texas. Together, these REPAs, total nearly 1.7 GW of projected renewable energy capacity. In addition to its REPAs, the company is committed to its goal of installing an additional 24 MW of on-site green energy at its facilities by 2025.
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