Since September 2020, US based telecommunications firm Verizon signed up for 845 MW of new renewable energy capacity in the form of 6 long term renewable energy purchase agreements (REPA). Added to its 7 previous agreements taking its cumulative signed clean energy capacity to nearly 1.7 GW.
This, it claims, makes it one among the largest corporate buyers of renewable energy in the country. All of these are virtual power purchase agreements (VPPA) that financially support the development of new projects. For all these 6 projects, Verizon has separately entered into 15-year VPPAs.
Among the last 6 projects it contracted under the recent VPPAs are 3 solar power projects of Invenergy, namely a 250 MW project and 2 projects with a combined capacity of 275 MW, all of which are expected to come online by the end of 2023.
Lightsource BP has contracted Verizon for 152.5 MW capacity, EDF Renewables for 92.5 MW; both these facilities are scheduled to enter commercial operations in late 2022. A combined capacity of 75 MW contracted under an agreement with a subsidiary of NextEra Energy Resources, LLC will come online in late 2023.
"Last year, Verizon issued its second $1 billion green bond, which will be used to fund long-term REPAs that support the construction of solar and wind facilities. These facilities will bring new renewable energy to the grids that power our networks," said Verizon's Chief Sustainability Officer and Vice President, Supply Chain Operations, James Gowen.
In 2020, Verizon signed VPPAs for around 840 of new renewable energy capacity with Clearway Energy, Invenergy, First Solar and Brookfield Renewable (see Verizon Signs Up For Over 450 MW Renewable Energy).
Separately, it also plans to install around 24 MW of additional on-site green energy at its facilities by 2025.
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