Verizon Prices Second Green Bond, to Fund Renewable PPAs

Verizon Communications has announced the pricing of its second Green Bond offering which follows its recent completion of the allocation of its first.

Verizon Communications has announced the pricing of its second Green Bond offering which follows its recent completion of the allocation of its first Green Bond and solidifies its position as a telecommunications industry leader in green finance. The firm has tapped two nationally recognized African-American-owned investment banking firms, Loop Capital Markets and Siebert Williams Shank, as lead underwriters, further strengthening its long-standing partnership with minority-owned businesses. Joining them as lead underwriters are BofA Securities and Citigroup.

The company expects to use the net proceeds of the USD 1 billion offerings primarily for long-term renewable energy purchase agreements which support the construction of solar and wind facilities that will bring new renewable energy to the grids that power its networks.

The telecommunication major has been supporting the transition to a greener grid by making substantial investments in renewable energy. It has set two ambitious goals: to source or generate renewable energy equivalent to 50 percent of its total annual electricity consumption by 2025 and be carbon neutral in its operations by 2035.

The company is committed to integrating the United Nations Sustainable Development Goals (SDGs), including:

  • SDG 7: Affordable and clean energy
  • SDG 8: Decent work and economic growth
  • SDG 13: Climate action and
  • SDG 16: Peace, justice and strong institutions.

“Verizon’s second green bond affirms our commitment to take responsibility for protecting the environment, and Verizon remains the only US telecommunications company to have completed a Green Bond. While Verizon has had a long history of partnering with diversity firms on capital market transactions, today marks an important milestone as we partner with minority- and women-owned firms as lead underwriters to execute such an important transaction for Verizon,” stated Matt Ellis, Verizon’s Executive Vice President and Chief Financial Officer.

Chris Williams, Chairman of the Board of Siebert Williams Shank said that Verizon’s USD 1 billion Green Bond issuance is the most recent example of the company’s longstanding holistic approach to ESG as it relates to the sustainable environment and the recognition of the social value of diversity and inclusion.

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