Verizon Communications today announced that it has entered into four more long-term renewable energy purchase agreements (RPPAs) totaling more than 450 MW of renewable energy capacity as part of its commitment to be carbon neutral in its operations (scope 1 and 2) by 2035. These agreements, which are virtual PPAs, will help finance the re-powering of wind energy facilities and the construction of new solar facilities.
Verizon entered into two REPAs with Brookfield Renewable for an aggregate of up to 160 MW of capacity at two wind energy facilities that are being repowered. The wind energy facilities are located in New York where Verizon has significant energy usage, and the repowered facilities are expected to be fully operational in 2021. The agreements have 12-year terms and generally are expected to be financially settled.
Verizon also entered into two REPAs with First Solar for an aggregate of up to 296 MW of capacity from two solar facilities that are under development in the PJM Interconnection regional market and that First Solar intends to power using its lowest carbon footprint solar modules. The agreements with First Solar have 15-year terms from the commencement of each facility’s entry into commercial operations, which is expected to occur in late 2022. The agreements are generally expected to be financially settled.
In June, Verizon announced it has joined The Climate Pledge — the commitment co-founded by Amazon and Global Optimism to meet the Paris Agreement 10 years early. The Climate Pledge calls on new signatories to be net zero carbon across their businesses by 2040 — a decade ahead of the Paris Accord’s goal of 2050.
Verizon is on track to be carbon neutral across scope 1 and scope 2 emissions by 2035 and has issued a $1 billion green bond to invest in innovative solutions to accelerate the company’s sustainability efforts. This includes powering operations with 50% renewable energy by 2025 and new virtual power purchase agreements (VPPA) for more than 380 MW of new wind and solar power capacity.