Verizon Materialises $1 Billion Bond For Renewable Energy Projects

Telecom major Verizon Communications has announced to have settled its fifth green bond offering of $1 billion. The New York headquartered firm said that the net proceeds of the funds are expected to be allocated entirely toward renewable energy investments. The objective to invest in renewables is to accelerate the transition towards green electrical grids across the USA.

In February, Verizon declared that the company fully allocated the net proceeds of its fourth green bond to renewable energy investments.

Verizon has now issued five green bonds for a total of $5 billion since 2019. Tony Skiadas, CFO, Verizon, said, “As one of the largest corporate green bond issuers in the US, and as a leader in green finance and diversity in the capital markets with our Green Financing Framework, we are proud that our actions are contributing to greener power grids across the nation.”

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In 2021, Verizon deepened its commitment to fostering diversity, equity and inclusion in economic opportunities in the capital markets by including a pledge in its Green Financing Framework to only engage underwriters for its green bond transactions that have established clear and impactful commitments in support of the UN SDGs.

Verizon has also partnered with Wells Fargo Securities and four minority- and women-owned firms as lead underwriters for its fifth green bond: CastleOak Securities, L.P., Loop Capital Markets, Ramirez & Co., Inc. and Siebert Williams Shank.

The five firms shared equally in fees paid and responsibility for bringing this offering to the market.

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This capital market transaction aligns with Verizon’s long-standing commitment to drive both environmental and social progress as part of its responsible business plan, Citizen Verizon, empowering the technology leader to deliver on its mission to move the world forward by addressing pressing societal issues.

About Verizon Communications

Verizon Communications is a two decades old company that delves in technology and communications services delivering on customers’ demand for mobility, reliable network connectivity, security and control.

In the beginning of this year, Verizon surpassed 3-GW of total projected renewable energy capacity as it signed four new long-term renewable energy purchase agreements (REPAs) of 410 MW capacity.