Verizon inked seven new clean energy deals it stated position it to meet a goal of sourcing or generating renewable energy equivalent to 50 per cent of its total annual electricity consumption by 2025.

These are virtual power purchase agreements (VPPAs), meaning Verizon will not take delivery of the renewable energy produced. Instead, the investments offset the operator’s carbon footprint with the production of clean energy.

The VPPAs will be financed with the proceeds of Verizon’s most recent green bond.

Verizon struck four agreements with Leeward Renewable Energy, which operates wind and solar plants across the US. The operator signed two deals with Lightsource bp and one with Duke Energy Sustainable Solutions.

All the agreements cover solar or wind power facilities.

Verizon stated the latest renewable energy deals bring the total signed since 2019 to 20. It estimates the agreements will yield 2.6 gigawatts of renewable energy capacity.

CFO Matt Ellis branded the latest agreements as “fundamental” to Verizon’s effort to achieve net zero operational emissions by 2035.