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Verizon Communications announced that it has completed a new $1 billion green bond offering, with […]]
Verizon Issues $1 Billion Green Bond to Invest in Renewable Energy – ESG Today
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Verizon Issues $1 Billion Green Bond to Invest in Renewable Energy
Susan Lahey
February 27, 2024
Verizon Communications announced that it has completed a new $1 billion green bond offering, with proceeds from the issuance to be allocated entirely towards renewable energy investments.
The offering marks the sixth green bond issuance for Verizon, raising $6 billion since the launch of the company’s inaugural green bond in 2019.
The new green bond offering follows the company’s announcement last week that it had completed the allocation of proceeds from its prior $1 billion green bond, issued in May 2023, with the full amount also allocated towards renewable energy purchase agreements (REPAs), supporting renewable energy projects across several states, supporting Verizon’s clean energy targets.
Verizon added that it is on track to exceed its target to source the equivalent of 50% of its total annual electricity consumption with renewable energy by 2025, and that it will continue to identify new renewable energy projects under development to support its goal to reach 100% renewable energy by 2030.
The company noted that it included three minority- and women-owned firms, including Loop Capital Markets, Ramirez & Co., and Siebert Williams Shank as lead underwriters on the deal, alongside Citigroup and Morgan Stanley.
Tony Skiadas, Verizon’s Executive Vice President and Chief Financial Officer said:
“Verizon closed the U.S. 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 U.S. I’m proud of the steps that we continue to take toward our environmental and social impact goals, as we remain a leader in green finance and DEI in the capital markets.”
Susan Lahey
Susan Lahey started her career as a business reporter for The Kansas City Star and has worked as a freelancer covering business, investment, technology, sustainability and science for numerous publications. She has also worked as a writer and editor for publicly funded projects mandating environmental cleanup of a molybdenum mine in Northern New Mexico; and recovery and resiliency measures following Hurricane Maria in Puerto Rico. Recently she worked as Director of Communications for a European wave energy company.
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