Verizon Expands Renewable Energy Portfolio with 640 MW Solar Deal

• Verizon boosts its renewable energy portfolio with 640 MW solar power deal, reinforcing its commitment to sustainability and cleaner energy across the U.S.

Verizon Communications Inc. has entered into four virtual power purchase agreements (VPPAs) with Invenergy, securing 640 MW of solar power from projects across the U.S. The power will be sourced from two operational sites: the 50-MW Richfield Solar in Maryland and the 250-MW Maple Flats in Illinois. Additionally, the 240-MW Cadence Solar in Ohio and the 100-MW Chalk Bluff in Arkansas are set to be commissioned in 2026 and 2027, respectively. These projects will supply local grids through two energy markets across four states, with Verizon receiving clean energy credits for the new generation capacity.

This latest agreement increases Verizon's total energy procurement from Invenergy to over 1 GW. The two companies have previously announced power purchase agreements in January 2023 and 2021. The collaboration underscores Verizon's commitment to expanding its renewable energy portfolio and supporting the transition to cleaner energy sources. The VPPAs will contribute to Verizon's sustainability goals while enhancing the availability of renewable energy in the U.S. energy market.

How will Verizon's new VPPAs with Invenergy impact its renewable energy goals?

• Advancement Towards Renewable Energy Goals: The new VPPAs with Invenergy significantly bolster Verizon's renewable energy portfolio, bringing its total procurement from Invenergy to over 1 GW. This substantial increase in renewable capacity is a critical step towards Verizon's goal of achieving net-zero operational emissions by 2035.
• Diversification of Energy Sources: By securing solar power from multiple projects across different states, Verizon is diversifying its renewable energy sources. This diversification not only enhances energy security but also mitigates risks associated with reliance on a single energy source or location.
• Contribution to Local Grids: The projects will supply clean energy to local grids in Maryland, Illinois, Ohio, and Arkansas. This contribution supports regional energy needs and helps reduce the carbon footprint of these areas, aligning with broader state and national renewable energy targets.
• Economic and Environmental Impact: The development and operation of these solar projects are expected to create jobs and stimulate economic growth in the host communities. Additionally, the increased availability of renewable energy helps reduce greenhouse gas emissions, contributing to environmental sustainability.
• Strengthening Industry Leadership: By expanding its renewable energy commitments, Verizon reinforces its position as a leader in corporate sustainability within the telecommunications industry. This leadership can inspire other companies to pursue similar renewable energy initiatives.
• Long-term Strategic Partnership: The ongoing collaboration with Invenergy highlights a strategic partnership that benefits both companies. For Verizon, it ensures a steady supply of renewable energy, while Invenergy gains a reliable customer for its solar projects, facilitating further investments in clean energy infrastructure.
• Alignment with Global Sustainability Trends: Verizon's actions are in line with global trends towards increased corporate responsibility and sustainability. By investing in renewable energy, Verizon is contributing to global efforts to combat climate change and transition to a low-carbon economy.