In a little over a year, Verizon has become one of the largest corporate buyers of U.S. renewable energy, entering into thirteen long-term renewable energy purchase agreements (REPAs) totaling nearly 1.7 gigawatts (GW) of renewable energy capacity since December 2019, including six REPAs relating to 845 megawatts (MW) of renewable energy capacity since September 2020.
These six new agreements, like the earlier REPAs, are virtual power purchase agreements and are expected to help finance the powering of six new solar facilities that are under development. The agreements are part of Verizon’s ongoing efforts to achieve carbon neutrality in its operations (scope 1 and 2) by 2035, a key commitment of Citizen Verizon, the company’s responsible business plan for economic, environmental, and social advancement.
As part of its most recent efforts, Verizon entered into three 15-year REPAs with Invenergy for an aggregate of 525 MW of capacity. The generation will come from three solar projects: one 250 MW project located in the Midcontinent Independent System Operator (MISO) regional market, and two projects totaling 275 MW located in the Pennsylvania Jersey Maryland (PJM) Interconnection regional market. All of the projects are expected to be operational by the end of 2023.
In addition, Verizon entered into a 15-year REPA with Lightsource bp for an aggregate of 152.5 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational in late 2022.
Verizon also entered into a 15-year REPA with EDF Renewables for an aggregate of 92.5 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational in late 2022.
Lastly, Verizon also entered into a 15-year REPA with a subsidiary of NextEra Energy Resources, LLC for an aggregate of 75 MW of capacity. The facility, located in the PJM Interconnection regional market, is expected to be fully operational 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 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.”
Verizon’s other REPAs, which it announced earlier in 2020, relate to an aggregate of more than 840 MW of renewable energy under development in Illinois, New York, North Carolina, Ohio, and Texas. These REPAs, together with those described above, total nearly 1.7 GW of projected renewable energy capacity and are expected to reduce carbon emissions by an amount equivalent to removing more than 630,000 passenger vehicles from the road on an annual basis.1 In addition to its REPAs, the company is committed to its goal of installing an additional 24 MW of on-site green energy at its facilities by 2025.