Verizon sells sixth USD-1bn green bond for renewables procurement

US telecommunications group Verizon Communications Inc (NYSE:VZ) has issued its sixth green bond of USD 1 billion (EUR 921m), which will be used exclusively for renewable energy investments.

The company said on Monday it settled the bond offering on February 23. Since 2019, Verizon has issued six green bonds, raising a total of USD 6 billion.

"Verizon closed the US telecom industry's first green bond five years ago. Since then, we've become one of the leading corporate buyers of renewable energy in the US," remarked the company’s executive vice president and chief financial officer Tony Skiadas.

Earlier in February, Verizon said it has fully allocated its fifth green bond, which was issued in May 2023. The funds entirely went to renewable energy purchase agreements (REPAs), supporting renewable energy projects in Illinois, Maine, North Dakota, Ohio and West Virginia and covering nearly 0.9 GW of new solar and wind generating capacity.

According to this previous announcement, Verizon has so far signed 27 REPAs for 3.6 GW of renewable energy capacity and is poised to exceed its target to source 50% of its annual electricity consumption from renewable energy by 2025.

Verizon partnered with Citigroup Inc, Morgan Stanley and three minority- and women-owned firms as lead underwriters for the latest bond.

(USD 1.0 = EUR 0.921)

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