Verizon Signs PPA for 410MW of Renewable Energy Capacity

Verizon REPA Solar Renewable

(Credit: Canva)

by | Jan 17, 2023

This article is included in these additional categories:

Verizon REPA Solar Renewable

(Credit: Canva)

As part of its commitment to procuring renewable energy, Verizon has signed four new long-term power purchase agreements (PPAs) for up to 410MW of renewable energy capacity. The telco’s goal is to source or generate renewable energy equivalent to 50% of its total annual electricity usage by 2025. As a result of these new agreements, the corporation has exceeded 3GW of total planned renewable energy capacity across 24 REPAs.

Two of the REPAs with Invenergy are among the recently concluded contracts, and their combined renewable energy may potentially reach 240MW. The projects include a facility in the Southwest Power Pool (SPP) regional market and one in the Electric Reliability Council of Texas (ERCOT) regional market, both of which started operating in 2022.

“We are proud to be among the leading corporations in the U.S. in buying renewable energy,” said Matt Ellis, executive vice president and chief financial officer at Verizon. “We are also a leader in green financing, issuing four green bonds totaling $4 billion in as many years, allowing us to further support and invest in renewable energy to deliver on our goal to be net zero in our operational emissions (scope 1 and 2) by 2035.”

Additional Projects

Verizon has completed seven renewable energy facilities related to its REPAs totaling more than 800MW, including a recently completed 207MW wind facility in Iowa with Duke Energy Sustainable Solutions.

“More than 10 percent of the nation’s wind power is in Iowa, and it’s exciting for our company to begin operating in that market,” said Chris Fallon, president of Duke Energy Sustainable Solutions. “We also have a terrific customer in Verizon, and we’re pleased to help them advance their own renewable energy portfolio for their operations.”

Additionally, the company has a 12-year REPA with Enel North America for a total of up to 100MW of wind energy capacity from a project in the SPP regional market that became operational in December 2022. On the Eastern Seaboard, Verizon has an agreement in place with the Pennsylvania Jersey Maryland (PJM) Interconnection regional market for an aggregate of up to 70MW of renewable energy.

In Kossuth County, Iowa the telco has signed a 15-year agreement to off-take capacity from Ledyard Windpower. The farm, which consists of 46 Vestas V150 4.5-MW turbines across a 12,000-acre agricultural site will continue to be used by farmers.

Additional articles you will be interested in.

Stay Informed

Get E+E Leader Articles delivered via Newsletter right to your inbox!

This field is for validation purposes and should be left unchanged.
Share This