Verizon Allocates $1B from Fourth Green Bond Issuance
Verizon Communications Inc.
Verizon published its Green Bond Impact Report, detailing the utilisation of the almost $1 billion generated from its fourth green bond offering in March 2022.
Verizon published its Green Bond Impact Report, detailing the utilisation of the almost $1 billion generated from its fourth green bond offering in March 2022.
Verizon made history in February 2019 as the first American telecommunications company to issue a green bond and continues to set the standard in the industry with its issuance of four green bonds.
“As one of the largest corporate green bond issuers in the U.S. and as a leader in green finance and diversity in the capital markets with our Green Financing Framework, we are proud that our actions are contributing to greener power grids across the nation,” said Matt Ellis, executive vice president and chief financial officer at Verizon. “As a result of our $4 billion in green bonds, we are on track to exceed our target to source or generate renewable energy equivalent to 50 per cent of our total annual electricity consumption by 2025, and we have set a new target to source renewable energy equivalent to 100 per cent of our annual electricity usage by 2030.”
Verizon utilised the entire net proceeds from its fourth green bond solely for Virtual Power Purchase Agreements (VPPAs). The VPPAs cover a total of 850 megawatts (MW) of renewable energy production in seven states. About 71% of this is from wind energy and around 29% from solar energy.
The full allocation includes two new long-term Virtual Power Purchase Agreements (VPPAs) with Apex Clean Energy for a total of nearly 300 megawatts (MW) of renewable energy. These agreements include a wind project with a capacity of up to 80 MW in the ISO New England market, anticipated to be in operation by the end of 2024, and another wind project with a capacity of up to 200 MW in the Midcontinent Independent System Operator (MISO) market, projected to become operational by mid-2024.
Since 2019, Verizon has signed 26 Virtual Power Purchase Agreements (VPPAs) for a total expected capacity of nearly 3.3 gigawatts (GW) of renewable energy. Currently, seven renewable energy facilities related to Verizon's VPPAs, with a combined capacity of over 800 MW, are up and running.
Verizon's portfolio of VPPAs is part of Citizen Verizon, the company's strategy for doing business in a way that is good for the environment, the economy, and society.
Source: Verizon
