Verizon Signs Up For 910 MW RE

• Verizon has entered REPAs for around 910 MW of new renewable energy capacity in the US
• It includes contracts with Leeward Renewable Energy for 640 MW wind and solar power capacity and with Lightsource bp for 89.9 MW solar
• Duke Energy Sustainable Solutions will provide it power from 180 MW wind energy facility

American telecommunications company Verizon has signed renewable energy purchase agreements (REPA) for 7 new solar and wind power projects in the US, representing close to 910 MW capacity, with Leeward Renewable Energy, Duke Energy and Lightsource bp.

All the 7 REPAs have a life of 15 years and are part of the company's target to achieve 50% renewable energy generation capacity of its total annual electricity consumption by 2025.

Leeward Renewable Energy has secured Verizon as a client for up to 640 MW renewable energy capacity comprising 200 MW Horizon Solar Project in Texas, 160 MW White Wing Ranch Solar Project in Arizona, and 2 wind energy facilities with 280 MW combined capacity.

While Horizon facility is expected to enter construction in September 2022, and complete by December 2023, the White Wing asset will commence construction in May 2023 and complete by June 2024. Leeward said it will deploy thin film solar panels for these solar facilities. In January 2021, Leeward acquired 10 GW AC solar project development pipeline from First Solar along with signing up for 1.8 GW DC thin-film modules (see First Solar Selling US Project Development Business).

Lightsource bp has been contracted by Verizon to supply power from 2 solar facilities with a combined 89.9 MW capacity. These projects are expected to come online by late 2023 in the PJM interconnection regional market, Verizon said.

With Duke Energy Sustainable Solutions, Verizon has entered a REPA for another 180 MW capacity, which is likely to be a wind power facility.

Altogether, Verizon counts its total REPAs signed since December 2019 to add up to 20 accounting for around 2.6 GW of contracted renewable energy capacity. A year back in January 2021, it touted itself as one among the largest US corporate buyers of renewable energy after signing up for 845 MW new facilities, including entering a virtual PPA (VPPA) for a 152.2 MW AC solar farm of Lightsource bp in Indiana (see Verizon's RE Purchase Agreements Reach Nearly 1.7 GW).

"These new agreements will be funded by our third $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," said Verizon's Executive Vice President and CFO Matt Ellis.