GHG Emissions, Commercial, Finance - February 23, 2024
Verizon Conducts Last Allocation of Green Bond
Verizon Communications Inc. issued its last allocation of the nearly $1 billion of net proceeds from its fifth green bond, which was issued in May 2023.
As of February 16, 2024, the telecom company fully allocated the $994.1 million of net proceeds of its green bond entirely to REPAs for renewable energy projects.
The REPAs were executed between February 2023 and January 2024 and support renewable energy projects that are under development in five states — Illinois, Maine, North Dakota, Ohio, and West Virginia.
The projects cover nearly 0.9 GW of new renewable energy generating capacity, of which about 53% is solar energy generating capacity and about 47% is wind energy generating capacity.
“The $5 billion of green bonds that we have issued to date are instrumental to our efforts to achieve our goal of net zero emissions in our operations by 2035,” said Tony Skiadas, Verizon’s executive vice president and CFO, in a statement. “As one of the leading corporate buyers of renewable energy and one of the largest green bond issuers in the U.S., we are proud to help accelerate the greening of the U.S. electrical grid as we work to meet our goals around climate protection.”
Verizon entered into 27 REPAs for a total of approximately 3.6 gigawatts of anticipated renewable energy generating capacity that will help the company exceed its target to source the equivalent of 50% of its total annual electricity consumption with renewable energy by 2025.
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