Verizon signs agreements for more than 380 MW of renewable energy

NEW YORK, April 22, 2020 (GLOBE NEWSWIRE) — Verizon Communications Inc. today announced that it has entered into long-term renewable energy purchase agreements with Clearway Energy Group and Invenergy. These agreements, which are virtual power purchase agreements, will help finance the construction of new wind and solar farms.

“We are committed to sourcing or generating renewable energy equal to at least 50 percent of our total annual electricity usage by 2025,” said James Gowen, Verizon’s Chief Sustainability Officer and Vice President, Supply Chain Operations. “The purchase agreements with Clearway and Invenergy will help us meet our commitment while increasing the supply of renewable energy to the power grids by almost 400 megawatts.”

Verizon entered into two agreements with Clearway Energy Group, a leading developer and operator of clean energy in the United States, for an aggregate of up to 254 megawatts (MW) of capacity from two solar energy facilities being developed by Clearway in Texas. These facilities are expected to become operational in 2023.

Verizon’s agreement with Invenergy, a leading privately held global developer and operator of sustainable energy solutions, supports the development of an additional 130 MW of renewable energy capacity at Invenergy’s Blooming Grove Wind Energy Center in Illinois. The facility is expected to be fully operational by the end of this year.

Bringing additional renewable energy to the grids where Verizon consumes energy is an important step towards meeting our commitment to be carbon neutral in our operational emissions (scope 1 and scope 2) by 2035. The additional renewable energy capacity supported by the three agreements is expected to reduce carbon emissions by an amount equivalent to removing more than 140,000 passenger vehicles from the road on an annual basis.¹

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $131.9 billion in 2019. The company offers voice, data and video services and solutions on its award winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

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