American multinational telecommunications conglomerate Verizon Communications has signed virtual power purchase agreements (VPPA) with Clearway Energy Group and Invenergy.
The VPPA is expected to finance the construction and development of new wind and solar farms and increase renewable energy to the power grids by approximately 400MW.
Verizon supply chain operations and chief sustainability officer vice-president James Gowen said: “We are committed to sourcing or generating renewable energy equal to at least 50% of our total annual electricity usage by 2025.
“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 400MW.”
Verizon signed two agreements with US-based clean energy projects developer and operator Clearway Energy Group to purchase up to 254MW from its two solar energy facilities in Texas.
The facilities are expected to commence their operations in 2023.
The VPPA with Invenergy will support the development of an additional 130MW of renewable energy capacity at its Blooming Grove wind energy centre in Illinois, which is expected to become fully operational by the end of this year.
Once completed, the renewable power facilities are expected to offset carbon emissions that will be equivalent to removing more than 140,000 passenger vehicles from the road on an annual basis.