Verizon fully allocates third $1 billion green bond
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NEW YORK, N.Y. - Verizon today issued its Green Bond Impact Report, outlining the full allocation of the nearly $1 billion of net proceeds from its third green bond, which was issued in September 2021 under an updated Green Financing Framework that included new underwriter selection criteria focused on diversity and the U.N. Sustainable Development Goals.
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 three green bonds.
“The $3 billion in green bonds that we have issued to date are helping position us to achieve our goal of net zero emissions in our operations by 2035,” said Matt Ellis, Verizon’s executive vice president and chief financial officer. “Renewable energy and energy efficiency are the foundation of our net zero strategy. We are proud to do our part to green the U.S. energy grid and make strides toward achieving our ambitious corporate climate goals.”
Verizon has fully allocated the net proceeds of its third green bond entirely to renewable energy purchase agreements (REPAs), which are virtual power purchase agreements. These projects are for an aggregate of approximately 910 megawatts (MW) of new renewable energy generating capacity across seven states, of which about 51 percent is wind energy generating capacity and 49 percent is solar energy generating capacity.
In January 2022, Verizon announced that since December 2019 it has signed 20 REPAs totaling approximately 2.6 gigawatts (GW) of projected renewable energy capacity, as it continues to be a leading corporate buyer of U.S. renewable energy. The 2.6 GW of contracted total capacity positions the company to achieve its goal to source or generate renewable energy equivalent to 50 percent of its total annual electricity consumption by 2025.
Verizon’s portfolio of REPAs 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 fixed income investor relations site at https://www.verizon.com/about/investors/green-bond-reports.
