Verizon announced the signing of four more long-term renewable energy purchase agreements (REPAs) totaling more than 450 megawatts (MW) of renewable energy capacity. These are:
- 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.”
Verizon reaffirms committment to be carbon neutral by 2035
Verizon restated its commitment to being carbon neutral in its operations by 2035
The company said it plans to achieve this goal through a combination of reducing emissions and investing in renewable energy and carbon offsets. The company is also working toward sourcing or generating renewable energy equivalent to 50 percent of its total annual electricity consumption by 2025, through on- and off-site renewable investments.
Additionally, Verizon has pledged to set a Science-Based emissions reduction Target (SBT) by September 2021 to further its commitment to emissions reductions in line with the Paris Agreement.