Technology Giant, Apple is spreading its wings in the tech arena by investing in Solar Energy. This is a move to make environmental responsible decisions. According to Apple CEO, Tim Cook, Apple is investing $850 million to build a brand new 1,300-acre solar farm in Monterey, California. The energy produced there will be used, at least in part, to power Apple’s new headquarters.
Apple will get a 130-megawatt supply from the solar farm to light up buildings such as its future spaceship campus, while the remaining 150 megawatts will go to Pacific Gas & Energy’s grid.
Apple is partnering with First Solar to build the farm. That’s the same company that Apple bought a massive factory site from in Arizona, a location that will also reportedly be used for construction of a solar powered data command centre.
This is a 25 year deal which according to First Solar is the “largest agreement in the industry to provide clean energy to a commercial end user.”
Based on this development, Shares of Apple ended up 1.92 percent at $122.02. First Solar’s stock rose 3 percent in extended trade after closing up 4.77 percent at $48.54.
