Verizon Surpasses 3.0 Gigawatts of Projected Renewable Energy Capacity
Verizon signed four new long-term renewable energy purchase agreements (REPAs) for an aggregate of up to 410 megawatts (MW) of renewable energy capacity. With these new agreements, Verizon has surpassed 3.0 gigawatts (GW) of total projected renewable energy capacity, as it continues to be a leading buyer of U.S. renewable energy. These agreements also position the company to meet its goal to source or generate renewable energy equivalent to 50 percent of its total annual electricity consumption by 2025.
Since 2019, Verizon has signed 24 REPAs for more than 3.0 GW of projected renewable energy capacity, which is roughly equivalent to 8.4 million megawatt hours (MWh) of annual electricity production, enough to power more than 707,000 homes for a year.
These agreements also support Citizen Verizon, the company’s responsible business plan for economic, environmental and social advancement.
“We are proud to be among the leading corporations in the U.S. in buying renewable energy,” said Matt Ellis, executive vice president and chief financial officer at Verizon. “We are also a leader in green financing, issuing four green bonds totaling $4 billion in as many years, allowing us to further support and invest in renewable energy to deliver on our goal to be net zero in our operational emissions (scope 1 and 2) by 2035.”
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Overview of Verizon’s new REPAs
- Two REPAs with Invenergy for an aggregate of up to 240 MW of renewable energy capacity. The projects include a facility in the Electric Reliability Council of Texas (ERCOT) regional market that became operational in 2022; and a facility in the Southwest Power Pool (SPP) regional market.
- A 12-year REPA with Enel North America for an aggregate of up to 100 MW of anticipated renewable energy capacity. The wind facility, located in the SPP regional market, became operational in December 2022.
- A REPA for an aggregate of up to 70 MW of anticipated renewable energy capacity. The facility is located in the Pennsylvania Jersey Maryland (PJM) Interconnection regional market.
To date, seven renewable energy facilities relating to Verizon’s REPAs for an aggregate of more than 800 MW of capacity are operational. This includes the wind facility relating to Verizon’s previously announced REPA with Duke Energy Sustainable Solutions, which recently became fully operational.
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