Apple Inc. (NASDAQ:AAPL) believes in growth and has a clear vision about its future and that is why all purchases made by the company are well thought and well planned; this time it is all about saving the environment.
It was announced by First Solar, Inc. (NASDAQ:FSLR) that Apple Inc. (NASDAQ:AAPL) made a commitment to buy clean energy from the California Flats Solar Project of First Solar. The two companies had an agreement for 25-year-power-purhcase earlier under which Apple will buy 130 megawatts from First Solar. Once again Apple Inc. (NASDAQ:AAPL) has entered the record books as this agreement is the largest in the industry in terms of providing a commercial entity with clean energy. The project received its approval Monterey County Planning Commission approval in January.
The project California Flats Solar spreads over an area of 2,900 acres and holds 3% of Hearst Corporation owned property. It is believed that the construction for this project will commence in the mid of this year and will concluded towards the end of next. After Apple’s (NASDAQ:AAPL) purchase the First Solar will have 150 MW output, which will be bought by PG&E Corporation (NYSE:PCG); the agreement for this purchase will be separate from Apple’s (NASDAQ:AAPL) agreement.
Apple Inc. (NASDAQ:AAPL) and PG&E are the full subscribers of this project.
The deal between First Solar, Inc. (NASDAQ:FSLR) and Apple Inc. (NASDAQ:AAPL) is not only the largest one, but it is also the first ever wh0lesale agreement for industrial and commercial power-purchase by First Solar, Inc. (NASDAQ:FSLR).
Chief Commercial Officer of First Solar, Inc. (NASDAQ:FSLR), Joe Kishkill, said that Apple Inc. (NASDAQ:AAPL) is a leader when it comes to dealing with climate change; according to Kishkill this deal shows that bigger corporations can manage their operations using 100% clean and renewable energy. He believes that commitment shown by Apple Inc. (NASDAQ:AAPL) is a huge factor in helping this project materialize and will play a major role in increasing solar power supply in California. Kishkill further said that with time renewable energy supplied by California Flats will offer alternatives energy sources that will be cost effective and will have minimum impact on our environment.
This deal will help Apple Inc. (NASDAQ:AAPL) to reduce its energy bills at its new Sillicon Valley campus along with its 52 stores within the state and other offices. Apple’s Newark California data center, which already runs on solar energy, will also get power from the energy provided by First Solar.
CEO of Apple Inc. (NASDAQ:AAPL), Tim Cook, said that this energy agreement will help the company save a lot on energy because Apple currently has a fixed price set for renewable energy and cost of brown energy is much more than that fixed price.
Apple’s (NASDAQ:APPL) stock went up by 2% towards the end of Tuesday’s trading session and closed at a value of $122.02. Another record was hit by the tech giant during Tuesday’s session when it became the first company ever to have hit the $700 billion mark. Currently the stock enjoys a $131.68 according to consensus by analysts.