Sprint Inks Deal With Duke Energy To Reduce Carbon Footprint
Zacks Investment Research | Sep 19, 2019 08:32AM ET
Sprint Corporation (NYSE:S) recently announced that it entered into a 12-year virtual power purchase agreement (VPPA) for 173.3 megawatts (MW) of wind energy, with Duke Energy Renewables — a business unit of Duke Energy Corporation (NYSE:DUK) .
Per the deal, Duke Energy Renewables will build, own and operate a 182 MW Maryneal Windpower project, which will be located in Nolan County, TX. The construction is scheduled to begin in early 2020 and the project is expected to be fully operational by December 2020.
This agreement will enable Sprint to substantially reduce its carbon footprint and meet almost 30% renewable energy for its total electricity consumption. The communication service provider is serious about minimizing its carbon impact for a greener society, while operating as a more sustainable company.
Sprint served 54.3 million connections as of Jun 30, 2019 and is widely recognized for developing and deploying innovative technologies. The wind project will help the company make significant progress toward offsetting the energy it uses across its operations, including headquarters, retail stores, call centers and cell towers.
The VPPA complements Sprint’s sustainability strategy (launched in 2008), which includes reducing greenhouse gas emissions, conserving natural resources, eliminating waste from the business, and responsibly recycling waste.
Meanwhile, the company’s legacy of innovation and service continues with an increased investment to improve coverage, reliability and speed across its nationwide network and commitment to launch 5G mobile services.
In the last earnings report, Sprint’s net wireless operating revenues were $7,901 million compared with $7,845 million in the year-ago quarter, driven by higher equipment sales and rentals. It remains focused on growing revenue per customer account by selling additional devices and value-added services, including promotion of its feature-rich Unlimited Plus and Unlimited Premium rate plans.
Sprint has long-term earnings growth expectation of 19.6%. The stock has added 15.7% compared with the Zacks Investment Research
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