US telco Verizon has signed four virtual Power Purchase Agreements (vPPAs) for 640MW of power with Invenergy, a US renewable energy developer and operator.

The vPPAs are contracted through four Invenergy renewable projects across the US. They include the 50MW Richfield Solar project in Maryland, the 250MW Maple Flats solar project in Illinois, the 240MW Cadence Solar project in Ohio, and the 100MW Chalk Bluff solar project in Arizona.

The Richfield and Maple Flats projects both reached operational status in 2024. Cadence Solar is expected to achieve commercial operations in 2026, and Chalk Bluff is expected to be operational in 2027.

The energy generated by the projects will be delivered to the local grid, with Verizon receiving renewable energy credits associated with the four projects.

Following the latest vPPAs, Verizon has now procured more than 1GW of renewable power from Invenergy.

"Surpassing 1GW in clean energy procurement from Invenergy represents a key milestone in Verizon’s long-term energy strategy,” said James Gowen, senior vice president, global sourcing and supply chain and chief sustainability officer, at Verizon.

In 2023, the two companies inked their first renewable supply agreements, with Verizon signing two renewable energy purchase agreements (REPAs) with Invenergy for up to 240MW of renewable capacity.

At the same time, Verizon agreed to a 12-year REPA with Enel North America for 100MW of capacity and a REPA for 70MW of capacity with an undisclosed developer in the PJM Interconnection market.

Before this, Verizon signed seven PPAs for 910MW of power across the US with Leeward Energy, Lightsource bp, and Duke Energy Sustainable Solutions.

Verizon has made renewable energy procurement a central tenant of its sustainability strategy. The telco aims to source renewable energy equivalent to 100 percent of its annual electricity usage by 2030, with an interim target of 50 percent by 2025.

However, there are concerns over the efficacy of renewable energy credits. Critics contend that companies can use them as a greenwashing tool, claiming to reduce emissions even while they continue to power their operations with fossil-based fuels.

While they are an effective tool in supporting renewable energy projects, they can lead companies to overestimate their carbon emission cuts, as the nameplate power of the renewable asset is not always consistent with the energy produced and supplied to the grid.