The VPPA signed by Verizon is expected to enable the construction of the solar project
Lightsource bp, Verizon enter into 152.5MW VPPA. (Credit: Lightsource bp Renewable Energy Investments Limited.)
Lightsource bp has signed a virtual power purchase agreement (VPPA) with US-based telecommunications firm Verizon for the new 152.5MW Bellflower solar farm in Indiana, US.
The Bellflower solar farm is located about 40 miles (64km) east of Indianapolis in Henry and Rush Counties. It is expected to become operational in 2022.
The VPPA signed by Verizon is expected to support the construction of the solar project, which is anticipated to create around 250 jobs during its construction.
In addition, the solar facility is expected to generate $30 million in property tax revenue throughout its life.
Lightsource bp Americas CEO Kevin Smith said: “Through their corporate sustainability commitment, Verizon is spurring development of clean and affordable energy sources in the U.S. that benefit us all.
“Working together, we’re reducing carbon emissions from electricity generation for the overall grid while delivering substantial local economic benefits.
“Adding initiatives to enhance local biodiversity further multiplies solar’s contribution to preserving our planet for future generations.”
Verizon signs thirteen REPAs totalling around 1.7GW
Verizon has signed thirteen long-term renewable energy purchase agreements (REPAs) totalling nearly 1.7GW of capacity since December 2019.
Of the total thirteen REPAs, six are VPPAs aimed at financing six new solar facilities under development. The REPAs are related to 845MW renewable energy capacity since September 2020.
The company said that the agreements are part of its ongoing efforts to achieve carbon neutrality in its operations by 2035.
Verizon vice president and supply chain operations chief sustainability officer James Gowen said: “Last year, Verizon issued its second $1 billion green bond, which will be used to fund long-term REPAs that support the construction of solar and wind facilities.
“These facilities will bring new renewable energy to the grids that power our networks. Verizon is committed to supporting the transition to a greener grid by making substantial investments in renewable energy.”