Verizon completes final allocation of its fifth $1 billion green bond – TipRanks Financial Blog

NEW YORK, Feb. 19, 2024 (GLOBE NEWSWIRE) — Today, Verizon Communications Inc. (NYSE, Nasdaq: VZ) issued its Green Bond Impact Report, outlining the full allocation of the nearly $1 billion of net proceeds from its fifth green bond, which was issued in May 2023.

In February 2019, Verizon became the first U.S. telecom company to issue a green bond and remains a leader in the industry with the allocation of five green bonds.

“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 chief financial officer. “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.”

As of February 16, 2024, Verizon has fully allocated the $994.1 million of net proceeds of our fifth green bond entirely to REPAs for renewable energy projects. The REPAs, including amendments to prior REPAs to make additional investments, were executed between February 2023 and January 2024. The REPAs support renewable energy projects that are under development in five states – Illinois, Maine, North Dakota, Ohio and West Virginia. The REPAs 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.

As part of our renewable energy purchase program, Verizon has entered into 27 REPAs for a total of approximately 3.6 gigawatts (GW) of anticipated renewable energy generating capacity. These REPAs position us to exceed our target to source the equivalent of 50% of our total annual electricity consumption with renewable energy by 2025. We will continue to identify new renewable energy projects under development as we work toward our 2030 renewable energy target of 100%.

Verizon’s renewable energy purchase program supports Citizen Verizon, the company’s responsible business plan for economic, environmental and social advancement. The Green Bond Impact Report can be found on the company’s investor relations site at https://www.verizon.com/about/investors/green-bond-reports.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed in 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $134.0 billion in 2023. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, and security.

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Media contact:
Andrew Eble
andrew.eble@verizon.com
201.572.0975