Commercial, Solar, Wind - August 27, 2020
Verizon inks four new RE agreements
Verizon Communications announced Aug. 26 they signed four new long-term VPPAs totaling more than 450 MW of generation capacity.
Two of these agreements were with Brookfield Renewables for two wind projects in New York with 160 MW of capacity, which are expected to be operational in 2021. The other two agreements were with First Solar for 296 MW from two solar facilities under development in the PJM Interconnection regional market, expected to be operational by late 2022.
“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,” James Gowen, Verizon’s chief sustainability officer and vice president of supply chain operations, said in a statement. “Bringing this additional renewable energy to the grids where Verizon consumes energy is an important step towards meeting this commitment.”
These agreements help Verizon toward their goal of being carbon neutral in their operations by 2035. With all of their previous renewable energy agreements under consideration, the communications company expects to avoid nearly 981,444 million metric tons of CO2e annually.