Verizon has entered into agreement with Clearway Energy Group and Invenergy for the renewable energy purchase
US-based telecommunications company Verizon Communications has signed several virtual power purchase agreements that will help finance the construction of 384MW of wind and solar farms.
The company has entered into two agreements with Clearway Energy Group, a developer and operator of clean energy in the US, for a combined capacity of 254MW coming from two solar plants in Texas.
The solar facilities are expected to be completed in 2023.
Additionally, Verizon has also inked deal with Invenergy that will provide financing for a 130MW expansion at the latter’s Blooming Grove wind farm in Illinois.
The wind farm is expected to become fully operational by the end of the year.
In January, Milwaukee-based energy company WEC Energy Group had agreed to acquire a 80% stake in the 250MW Blooming Grove wind farm located in McLean County, for a total of $345m.
The agreements are a step toward Verizon’s commitment to achieve carbon neutrality by 2035
Verizon supply chain operations chief sustainability officer and vice president James Gowen said: “We are committed to sourcing or generating renewable energy equal to at least 50 percent of our total annual electricity usage by 2025.
“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.”
Supported by the three agreements, the additional renewable energy capacity is expected to offset carbon emissions by an amount equivalent to removing more than 140,000 passenger vehicles from the road on an yearly basis.
The new virtual power purchase agreements are a step toward Verizon’s commitment to achieve carbon neutrality by 2035.