Verizon said last week it issued its Green Bond Impact Report, outlining the full allocation of the nearly $1 billion of net proceeds from its fourth green bond, which was issued in March 2022. In February 2019, Verizon claimed it was the first U.S. telecom company to issue a green bond and has allocated four since then.
“As one of the largest corporate green bond issuers in the U.S., and as a leader in green finance and diversity in the capital markets with our Green Financing Framework, we are proud that our actions are contributing to greener power grids across the nation,” said Verizon EVP/CFO Matt Ellis. “As a result of our $4 billion in green bonds, we are on track to exceed our target to source or generate renewable energy equivalent to 50 percent of our total annual electricity consumption by 2025, and we have set a new target to source renewable energy equivalent to 100 percent of our annual electricity usage by 2030.”
Verizon fully allocated the net proceeds of its fourth green bond entirely to virtual power purchase agreements (VPPAs). These VPPAs are for an aggregate of 850 megawatts of new renewable energy generating capacity across seven states, of which about 71 percent is wind energy generating capacity and 29 percent is solar energy generating capacity.
Included in the full allocation are two new long-term VPPAs with Apex Clean Energy for an aggregate of up to nearly 300 megawatts of renewable energy capacity. These projects include a wind project for up to 80 MW in the ISO New England regional market, which is expected to be operational by the end of 2024, and a wind project for up to 200 MW in the Midcontinent Independent System Operator regional market, which is expected to be operational by the middle of 2024.
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