Verizon seals off-take deals for over 450 MW of wind, solar

Verizon Communications Inc (NYSE:VZ) has contracted more than 450 MW of renewable energy capacity in support of its 2035 carbon-neutrality goal.

The telecom conglomerate has signed four long-term renewable energy purchase agreements (REPAs) for wind and solar power capacity that will start contributing to its target from 2021. The deals were unveiled less than two months after an off-take contract with Chicago-based Invenergy LLC for a 130-MW portion of its 250-MW Blooming Grove Wind Energy Center in Illinois.

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Under the two virtual power purchase agreements (VPPAs) with Brookfield Renewable, Verizon has contracted up to 160 MW of wind power capacity from two to-be-repowered plants in New York, planned to go live in 2021. The contracts have 12-year terms.

Additionally, the telecoms group has inked 15-year deals for up to 296 MW of solar power from two photovoltaic (PV) parks being developed by First Solar (NASDAQ:FSLR). To be installed in the PJM Interconnection regional market, the solar farms will use First Solar’s lowest carbon footprint solar modules and will be brought online in late 2022. The two REPAs will become valid after each plant becomes operational.

Verizon’s goal is to become carbon neutral in its operational emissions by 2035. Last year, the company committed to source or generate renewable energy equivalent to at least 50% of its total annual electricity consumption by 2025.