Verizon signs seven Power Purchase Agreements

As it expands its usage of green energy, Verizon, has announced that it has signed seven new Power Purchase Agreements (PPAs) for renewable energy representing 910MW. The company's sustainability goals are to have carbon neutrality across all its operations (scope 1 and 2) by 2035.

Renewable Energy Purchase Agreements (REPAs) have been signed with three different companies, including Leeward Renewable Energy, Lightsource bp, and Duke Energy Sustainable Solutions.

With Leeward Renewable Energy, the company has signed four 15-year REPAs, and includes Blackford Wind in Indiana (200MW), Horizon Solar in Texas (200MW), White Wing Ranch Solar in Arizona (160MW), and a fourth 80MW project with which further details have not yet been released. According to Verizon, these projects will come online in late-2023 and mid-2024.

Meanwhile, with Lightsource bp Two 15-year REPAs, for an aggregate of 89.9MW of capacity. Both projects are located in the PJM Interconnection regional market.

Lastly, Verizon's final 15-year REPA is with Duke Energy Sustainable Solutions, located in the Midcontinent Independent System Operator (MISO) market. It will have 180MW of capacity.

"We are proud to achieve this key milestone in the transition to renewable energy. "These new agreements will be funded by our third $1 billion green bond, which we issued in September 2021, and are fundamental to the company's ongoing efforts to be net zero in its operational emissions (scope 1 and 2) by 2035."

Meanwhile, Andrew Flanagan, chief development officer at Leeward, added: "We are excited to expand our established relationship with Verizon, which speaks to Leeward's strengths as a partner in helping our nation's leading companies meet their sustainability goals."