Verizon signs agreements for more than 380MW of renewable energy

Verizon Communications (VZ) announced that it has entered into long-term renewable energy purchase agreements with Clearway Energy Group (CWEN) and Invenergy. These agreements, which are virtual power purchase agreements, will help finance the construction of new wind and solar farms."We are committed to sourcing or generating renewable energy equal to at least 50 percent of our total annual electricity usage by 2025," said James Gowen, Verizon's Chief Sustainability Officer and Vice President, Supply Chain Operations. "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." Verizon entered into two agreements with Clearway Energy Group for an aggregate of up to 254 megawatts of capacity from two solar energy facilities being developed by Clearway in Texas. These facilities are expected to become operational in 2023. Verizon's agreement with Invenergy supports the development of an additional 130 MW of renewable energy capacity at Invenergy's Blooming Grove Wind Energy Center in Illinois. The facility is expected to be fully operational by the end of this year.