Verizon Enterprise: Verizon signs four new PPAs

Jan 17, 2023 | Posted by MadalineDunn

Verizon has announced that it has signed four new power purchase agreements (PPAs) for renewable energy, an aggregate of up to 410 MW of renewable energy capacity. According to the company, these new deals align with its broader goal to source or generate renewable energy equivalent to 50 percent of its total annual electricity consumption by 2025. Moreover, the new agreements mean that the company has surpassed 3GW of total projected renewable energy capacity across 24 REPAs.

The company has stated that the new deals include two contracts for up to 240 MW with Invenergy, an American based multinational power generation development and operations company, for a facility in the Electric Reliability Council of Texas (ERCOT) market. The company outlined that this facility began operations in 2022. It will also go to a facility in the Southwest Power Pool (SPP) regional market. Further to this, Verizon also signed a third 12-year deal with Enel North America. This agreement is for up to 100 MW from a wind project based in the SPP market, which went live last month in December 2022. The fourth PPA is for up to 70 MW from a facility in the Pennsylvania Jersey Maryland (PJM) Interconnection regional market. As of yet, the fourth party is unnamed. 

Speaking about the deal, Matt Ellis, executive vice president and chief financial officer at Verizon, said: "We are proud to be among the leading corporations in the U.S. in buying renewable energy." Ellis pointed to the company's accomplishments in the green financing arena, too, adding: "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."