SunPower Corporation (SPWR) To Install Solar For Verizon

Updated on

Cell phone provider Verizon Communications Inc. (NYSE:VZ) is the latest major U.S. corporation to double down on its “green” initiatives. The company announced on Monday, August 25th, that it had contracted with SunPower Corporation (NASDAQ:SPWR) as the sole contractor to install 10.2 megawatts of solar power at eight of its network facilities in California, Maryland, Massachusetts, New Jersey and New York.

The project announced today is part of Verizon’s expanded $40 million solar power initiative designed to deploy 25 MW of solar power at its facilities nationwide over the next few years. The exact terms of the transaction were not released.

Verizon green initiatives

Verizon Communications Inc. (NYSE:VZ) has already installed 14.2 MW of on-site green energy with both fuel cells and solar power systems at a number of its U.S. data centers. The cell service titan also uses 26 solar-assisted cell sites in remote areas in the western part of the country

In describing its expanded solar power initiative, Verizon Communications Inc. (NYSE:VZ) said, “the new equipment, consisting of high-efficiency rooftop, parking-structure and ground-mounted solar PV systems, will vary from site to site.”

Statement from Verizon on SunPower deal

“By almost doubling the amount of renewable solar energy we’re using, we are making further progress toward Verizon’s goal of cutting our carbon intensity in half by 2020, in part, by leveraging the proven business case for clean energy alternatives to the commercial power grid,” explained James Gowen, Verizon’s Chief Sustainability Officer.

SunPower Corporation (NASDAQ:SPWR) shares were up 19 cents to $37.80 as of 1:49 PM ET on today’s news, and Verizon Communications Inc. (NYSE:VZ) shares had also climbed 43 cents to trade at $49.07.

Leave a Comment