Verizon Wireless is committed to achieving carbon neutrality in its operations by 2035. To achieve its goal, the company has become one of the largest corporate buyers of U.S. renewable energy since 2019. According to the telecom, it has entered into thirteen long-term renewable energy purchase agreements (REPAs) totaling nearly 1.7 GW of projected renewable energy capacity.
“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 James Gowen, Verizon’s chief sustainability officer and vice president, supply chain operations. “Verizon is committed to supporting the transition to a greener grid by making substantial investments in renewable energy.”
Recently, Verizon entered into three 15-year REPAs with Invenergy, totaling 525 MW of capacity. These solar projects located in the Midcontinent Independent System Operator regional market and two projects located in the Pennsylvania, New Jersey and Maryland Interconnection regional area are slated to be operational by the end of 2023.
The carrier also entered into three additional agreements, all located in the PJM Interconnection regional market. The first, a 15-year REPA with Lightsource bp totals 152.5 MW of capacity; the project is expected to be operational by late 2022. The second, a 15-year REPA with EDF Renewables, for an aggregate of 92.5 MW of capacity, is also expected to be operational by late 2022. The third, a 15-year REPA with a NextEra Energy Resources, LLC subsidiary for an aggregate of 75 MW of capacity, will be ready in late 2023.
All other REPAs total more than 840 MW of renewable energy. These projects are in development in Illinois, New York, North Carolina, Ohio, and Texas.