NY’s Verizon Communications Crosses 3 GW Projected Renewable Energy Capacity

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New York-headquartered Verizon Communications has announced that it has signed four new long-term renewable energy purchase agreements (REPAs) for an aggregate of up to 410 MW of renewable energy capacity.

The official statement of Verizon held that with four new agreements, Verizon has surpassed 3 GW of total projected renewable energy capacity, as it continues to be the leading buyer of US renewable energy. These agreements are also expected to position the firm to meet its goal to source or generate renewable energy equivalent to 50 per cent of its total annual electricity consumption by 2025.

Verizon said that since 2019, it has signed 24 REPAs for more than 3 GW of projected renewable energy capacity, which is roughly equivalent to 8.4 million MWh of annual electricity production. This much electricity is enough to power more than 707,000 homes for a year.

As per the firm, these agreements also support Citizen Verizon, the firm’s responsible business plan for economic, environmental and social advancement.

Matt Ellis, Executive VP and CFO at Verizon, said, “We are proud to be among the leading corporations in the U.S. in buying renewable energy. We are also a leader in green financing, issuing four green bonds totaling $4 billion in as many years, allowing us to further support and invest in renewable energy to deliver on our goal to be net zero in our operational emissions (scope 1 and 2) by 2035.”

The New REPAs

Verizon signed two REPAs with Invenergy for an aggregate of up to 240 MW of renewable energy capacity. The projects include a facility in the Electric Reliability Council of Texas (ERCOT) regional market that became operational in 2022; and a facility in the Southwest Power Pool (SPP) regional market.

It also signed a 12-year REPA with Enel North America for an aggregate of up to 100 MW of anticipated renewable energy capacity. The wind facility, located in the SPP regional market, became operational in December 2022.

A REPA is signed for an aggregate of up to 70 MW of anticipated renewable energy capacity. The facility is in the Pennsylvania Jersey Maryland (PJM) Interconnection regional market.

To date, seven renewable energy facilities relating to Verizon’s REPAs for an aggregate of more than 800 MW of capacity are operational.

Verizon Communications Inc. is a two decade old firm that offers technology and communications services. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control. In 2021, Verizon generated revenues of $133.6 billion in 2021from its business worldwide.