Verizon Communications Inc. (NYSE:VZ) occupied the number one slot in the renewable energy purchase in a little over a year. The company signed 13 long term agreements to purchase renewable energy since the end of 2019. Its total renewable energy reaches nearly 1.7 Gigawatts.
Verizon added 845 MW of energy since September last year through six new agreements. The new agreements will help the company to support the financing of 6 new solar facilities, which are under development. All these efforts are part of Verizon’s ambition to achieve carbon neutrality by the year 2035.
Signs three 15-year agreements
Verizon entered three fifteen-year accords for renewable energy to achieve a capacity of 525 MW. It will generate solar energy from two projects having a capacity of 275 MW based in PJM (Pennsylvania Jersey Maryland) and the other 250 MW project in the MISO (Midcontinent Independent System Operator) regional market. All these projects will be functional by the year 2023.
Verizon also signed a renewable energy agreement (15-year) with the Lightsource bp to generate 152.5 MW. The PJM Interconnection regional market-based facility will be operational by the end of 2022.
Inks 15-year agreement with EDF Renewables
Verizon also signed a long-term accord with EDF Renewables to generate 92.5 MW of energy. It is also situated in the PJM Interconnection regional market and will be functional by the end of next year.
The company also entered a 15-year pact with NextEra Energy Resources, LLC’s subsidiary to achieve a capacity of 75MW. It will be operational by the end of next year.
Issues a second green bond
Verizon issued a green bond for $1 billion in 2020 to fund the long-term renewable energy contracts. It will be used to support the construction of wind and solar energy generation facilities. VP of Verizon, James Gowen said the new power agreements help to generate clean energy to run its networks. The company invests in renewable energy to fulfill its commitment to transitioning to a green grid.
Vestberg, CEO of Verizon, in 2019 said its 5G rollout will bring a fourth industrial revolution. 5G Ultra Wideband is available now in Raymond James Stadium. Its presence will be expanded to 28 NFL stadiums this year. 5G is widely used in education, sports, and connected communities.