Verizon announced today that it had made six long-term renewable energy purchase agreements (REPAs) since September, making the company one of the largest corporate REPA buyers in the country. The agreements are for 845 megawatts (MW) of renewable energy.
The company has purchased 1.7 gigawatts of renewable energy since December 2019, and nearly half of those purchases were made in just the four months since September 2020.
Solar is also part of Verizon’s renewable energy plan. The latest REPAs are designed to help the carrier finance six new solar facilities that are under development and are part of the company’s efforts to reach carbon neutrality in its operations (scope 1 and 2) by 2035.
Some specifics of the most recent Verizon renewable energy agreements:
- There are three 15-year REPAs with Invenergy for an total of 525 MW of capacity.
- Generation will come from three solar projects: 250 MW project in the Midcontinent Independent System Operator (MISO) regional market, and two projects totaling 275 MW located in the Pennsylvania Jersey Maryland (PJM) Interconnection regional market. All are to be operational by 2023.
- A 15-year REPA with Lightsource bp for 152.5 MW of capacity in the PJM Interconnection regional market, a project to be operational by 2022.
- A 15-year REPA with EDF Renewables for 92.5 MW of capacity in the PJM Interconnection regional market; another project that is expected to be fully operational in 2022.
- A 15-year REPA with a subsidiary of NextEra Energy Resources, LLC for 75 MW of capacity in the PJM Interconnection regional market, which is expected to be fully operational in late 2023.
“Last year, Verizon issued its second $1 billion green bond, which will be used to fund long-term REPAs that support the construction of solar and wind facilities. These facilities will bring new renewable energy to the grids that power our networks,” said James Gowen, Verizon’s chief sustainability officer and vice president, supply chain operations, in a prepared statement. about the Verizon renewable energy agreements. “Verizon is committed to supporting the transition to a greener grid by making substantial investments in renewable energy.”
Large carriers like the Verizon aren’t the only ones pursuing renewable energy. A little less than a year ago, Clear Creek Communications, a smaller Oregon-based company installed a solar array.