Verizon is a corporate buyer of US renewable energy, and announced seven new Renewable Energy Purchase Agreements (REPAs) for an aggregate of approximately 910 MW of projected renewable energy capacity. These agreements position the company to achieve its goal to source or generate renewable energy equivalent to 50% of its total annual electrical consumption by 2025, and help support Citizen Verizon, the company’s responsible business plan for economic, environmental, and social advancement.
The seven new agreements bring the cumulative number of REPAs, signed since December 2019, to 20, and the cumulative aggregate amount of contracted renewable energy capacity to approximately 2.6 GW.
“We are proud to achieve this key milestone in the transition to renewable energy,” said Matt Ellis, executive vice president and chief financial officer at Verizon. “These new agreements will be funded by our third US$1 billion green bond, which we issued in September 2021, and are fundamental to the company’s ongoing efforts to be net zero in its operational emissions [Scope 1 and 2] by 2035.”
Verizon’s new REPAs are virtual power purchase agreements and are expected to help finance the powering of seven new solar and wind facilities that are under development.
Overview of Verizon’s new REPAs:
- Four 15-year REPAs with Leeward Renewable Energy for an aggregate of up to 640 MW of anticipated renewable energy capacity. The projects include a facility in the Electric Reliability Council of Texas (ERCOT) regional market that is expected to be fully operational in late 2023; two facilities in the Pennsylvania Jersey Maryland (PJM) Interconnection regional market that are expected to be fully operational in late 2023; and a facility in the California Independent System Operator (CAISO) regional market that is expected to be fully operational in mid-2024.
- A 15-year REPA with Duke Energy Sustainable Solutions for an aggregate of 180 MW of capacity. The facility, located in the Midcontinent Independent System Operator (MISO) regional market, is expected to be fully operational in late 2022.
- Two 15-year REPAs with Lightsource BP for an aggregate of 89.9 MW of capacity. The facilities, both located in the PJM Interconnection regional market, are expected to be fully operational by late 2023.
The renewable energy projects associated with Verizon’s 20 REPAs, which span 11 states, have a projected capacity of approximately 2.6 GW, and are anticipated to enable the avoidance of more than 5.3 million tons (4.8 million tonnes) of carbon dioxide (CO2) annually. Avoided emissions estimate calculated using the US Environmental Protection Agency’s (EPA) greenhouse gas equivalencies calculator.