Verizon adds six PPAs for 845MW solar capacity

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Verizon

Major telecoms provider Verizon has secured power purchase agreements (PPAs) for 845MW of solar electricity with four energy giants in the US.

The PPAs with Lightsource BP, Invenergy, EDF Renewables and NextEra Energy Resources will be used to finance six solar projects which are due to be completed over the next two years.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Invenergy and Verizon have signed three 15-year PPA to fund one 250MW capacity plant located in the Midcontinent Independent System Operator (MISO) regional market, and two 275MW capacity projects in the Pennsylvania Jersey Maryland (PJM) Interconnection market. The telecoms company has signed three more 15-year PPAs with Lightsource BP, EDF Renewables and NextEra Energy for PJM-located projects with a capacity of 152.2MW, 92.5MW and 75MW respectively. The facilities are all expected to come online by the end of 2023.

The agreements mean that Verizon will be supplied with electricity from renewables projects with a total capacity of 1.7GW on the completion of the latest round of solar farms.

James Gowen, Verizon’s chief sustainability officer, said the company had issued a second green bond worth US$1 billion last year, which would be used to fund the offtaking contracts.

“These facilities will bring new renewable energy to the grids that power our networks,” he said, adding the company will continue to make “substantial investments in renewable energy” in the coming years.

Corporations bought 18% more clean energy in 2020 compared with the previous year, according to research from BloombergNEF, with tech giant Amazon and oil and gas group Total leading the transition through long-term PPAs. Verizon was one of the top five biggest spending corporate entities in the market, and the third most influential solar energy buyer, the market researcher found.

23 April 2025
Dallas, Texas USA
To bring buyers and sellers of power together, the Renewable Energy Revenues Summit USA will cover strategies to optimize renewable energy trading, procurement, and offtake structures across U.S. markets.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

February 5, 2025
The Ministry of Energy and Natural Resources of Turkey has awarded 800MW of solar PV in its latest auction.
February 3, 2025
The portfolio comprises two projects: the 163MW Starr Solar in Starr County and the 125MW Second Division Solar project in Brazoria County.
January 30, 2025
French energy giant EDF Renewables has closed its solar manufacturing subsidiary Photowatt, located in eastern France.
January 30, 2025
The average solar power purchase agreement (PPA) price remained constant between the third and fourth quarters of 2024 in North America.
January 28, 2025
NextEra Energy Resources subsidiary Florida Power and Light commissioned 2.2GW of new solar capacity in 2024.
January 27, 2025
Lightsource bp, the solar power development arm of oil and gas major bp, has commissioned the 187MW Peacock solar project in Texas.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany