Verizon Communications announced that it has completed a new $1 billion green bond offering, with proceeds from the issuance being allocated entirely to renewable energy investments.
The offering marks Verizon's sixth green bond issuance, raising $6 billion since the company's inaugural green bond was launched in 2019.
The new green bond offering follows the company's announcement last week that it had completed the allocation of proceeds from its previous $1 billion green bond, issued in May 2023, with the full amount also allocated to purchase agreements for renewable energy projects (REPAs), supporting renewable energy projects in multiple states, supporting Verizon's clean energy goals.
Verizon added that it is on track to exceed its goal of sourcing the equivalent of 50% of its total annual electricity consumption from renewable energy by 2025, and that it will continue to identify new renewable energy projects under development to support its goal. to achieve 100% renewable energy by 2030.
The firm 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, executive vice president and chief financial officer of Verizon, said:
“Verizon closed the U.S. telecommunications industry’s first green bond five years ago. Since then, we have become one of the leading corporate buyers of renewable energy in the US. I am proud of the steps we continue to take toward our environmental and social impact goals as we continue to be leaders in green financing and DEI in the capital markets.”
