Verizon settled its third $1 billion green bond offering, a move making it one of the biggest issuers of corporate debt to finance renewable energy purchases in the US.

In a statement, Verizon explained the net proceeds of its most recent green bond will enable it to add more long-term virtual power purchase agreements (VPPAs) to back construction of solar and wind power facilities.

Verizon committed to sourcing or generating renewable energy equivalent to 50 per cent of its total annual electricity consumption by 2025 as part of a pledge to support the United Nations (UN) Sustainable Development Goals.

The operator used its most recent green bond offering to promote diversity in the investment banking industry, with three of its four underwriters meeting a Green Financing Framework requiring companies to promote diversity and/or sustainability to be eligible to underwrite its debt.

CFO Matt Ellis asserted Verizon was now “one of the leading corporate buyers of renewable energy in the US”, with 14 VPPAs covering “nearly 1.9 gigawatts of renewable energy capacity”.

With allocation of two previous $1 billion green bonds completed late last month, Verizon is approaching the $4.7 billion raised by Apple green bonds, of which $2.8 billion has been allocated.