Verizon completes final allocation of its fourth $1 billion green bond
In February 2019, Verizon became the first U.S. telecom company to issue a green bond and remains a leader in the industry with the allocation 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 percent of our total annual electricity consumption by 2025, and we have set a new target to source renewable energy equivalent to 100 percent of our annual electricity usage by 2030.”
Verizon fully allocated the net proceeds of its fourth green bond entirely to virtual power purchase agreements (VPPAs). These VPPAs are for an aggregate of 850 megawatts (MW) of new renewable energy generating capacity across seven states, of which about 71 percent is wind energy generating capacity and 29 percent is solar energy generating capacity.
Included in the full allocation are two new long-term VPPAs with Apex Clean Energy for an aggregate of up to nearly 300 megawatts (MW) of renewable energy capacity. These projects include a wind project for up to 80 MW in the ISO New England regional market, which is expected to be operational by the end of 2024, and a wind project for up to 200 MW in the Midcontinent Independent System Operator (MISO) regional market, which is expected to be operational by the middle of 2024.
Since 2019, Verizon has signed 26 VPPAs for nearly 3.3 gigawatts (GW) of expected renewable energy capacity. To date, seven renewable energy facilities relating to Verizon's VPPAs for an aggregate of more than 800 MW of capacity are operational.
Verizon’s portfolio of VPPAs is part of Citizen Verizon, the company’s responsible business plan for economic, environmental and social advancement. The Green Bond Impact Report can be found on the company’s investor relations site at https://www.verizon.com/about/investors/green-bond-reports.