Verizon Announces $1 Billion Green Bond Offering
A Brief Summary
Verizon, a telecom giant, announced the launch of a $1 billion green bond offering that comes fourth in its line of offering. The money will be used to target investments in renewable energy.
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Verizon's third green bond, which was issued in September 2021, is just five months old. Last month, Verizon revealed that it had already allocated the revenues from the $1 billion sales, announcing a series of renewable energy purchase agreements (REPAs) totalling around 910 MW. Verizon has acquired nearly 2.6 GW of anticipated renewable energy capacity in 20 transactions since 2019, making it one of the largest corporate consumers of renewable energy in the United States, including the new REPAs.
Matt Ellis, Verizon’s Executive Vice President and Chief Financial Officer, said: “I’m proud of Verizon’s accomplishments towards our ambitious environmental and social impact goals. We are all very aware of the urgency and need in pursuing sustainable solutions and we are committed to our ESG strategy, knowing there is still a great deal of work ahead of us. I hope that Verizon’s leadership will inspire others to take action as well.”
In conjunction with its fourth green bond, Verizon paid over $20 million in underwriting fees to minority- and women-owned businesses in 2021 and over $5 million in fees to such businesses in 2022.
This capital market transaction is in line with Verizon's long-standing commitment to driving both environmental and social progress as part of Citizen Verizon, the company's responsible business plan, enabling the technology leader to fulfil its mission of moving the world forward by addressing pressing societal issues.