Verizon has just released its Green Bond Impact Report, detailing how the company would use the roughly $1 billion it received from the sale of its fourth green bond back in March of 2022. Verizon issued the first green bond by a U.S. telecommunications corporation in February 2019 and has since issued a total of four green bonds, making it a leader in the field.
Verizon’s Green Financing Framework has made the company a leader in green finance and increased diversity in the capital markets, and the company is pleased to know that its efforts are helping to create greener power grids across the country. This was stated by Verizon’s executive vice president and chief financial officer, Matt Ellis. We are on track to meet or exceed our goal of sourcing or generating renewable energy equivalent to 50 percent of our total annual electricity consumption by 2025 thanks to our $4 billion in green bonds, and we have set a new goal of sourcing renewable energy equivalent to 100 percent of our annual electricity consumption by 2030.
The fourth green bond issued by Verizon was funded by the company’s allocation of net revenues to virtual power purchase agreements (VPPAs). These VPPAs are for a combined 850 MW of additional renewable energy-producing capacity in seven states; around 71% of this total is for wind energy generating capacity and 29% is for solar energy generating capacity.
Two new long-term VPPAs have been signed with Apex Clean Energy to provide up to roughly 300 MW of renewable energy capacity, making up the whole of the allotment. Projects of this type include a wind farm with a capacity of up to 80 MW in the ISO New England regional market, which is expected to go live by the end of 2024, and a wind farm with a capacity of up to 200 MW in the Midcontinent Independent System Operator (MISO) regional market, which is expected to go live by the middle of 2024.
To now in 2019, Verizon has signed 26 VPPAs almost 3.3 GW of anticipated renewable energy capacity. Verizon has seven renewable energy projects with a total capacity of over 800 MW that is operating thanks to VPPAs.
One of the most prominent global suppliers of technology and communications services is Verizon Communications Inc., which was established on June 30, 2000. Verizon, headquartered in New York City and operating in more than 160 countries, made $136.8 billion that year. The company’s award-winning networks and platforms provide a variety of data, video, and phone services and solutions, satisfying customers’ needs for portability, high-quality network connections, safety, and management.
