10998
Apple in Solar Power Deal
World Economy

Apple in Solar Power Deal

Apple Inc will buy about $850 million of power from a new California solar farm to cut its energy bill, the iPhone maker said on Tuesday as its stock market value closed above $700 billion for the first time.
The First Solar Inc plant, with the capacity to power the equivalent of 60,000 homes, will be used to supply electricity for Apple’s new campus in Silicon Valley, and its other offices and 52 stores in the state, Chief Executive Tim Cook said at a Goldman Sachs technology conference in San Francisco, Yahoo news reported.
Cook addressed investors as Apple’s stock market value closed at $710.74 billion for the first time, buoyed by record sales of big-screen iPhones and a December-quarter profit that was the largest in corporate history.
Apple was already the world’s largest publicly traded company by stock value. The plant in Monterey County, California will also power an Apple data center in Newark, California that already relies on solar power.
“We expect to have a very significant savings because we have a fixed price for the renewable energy, and there’s quite a difference between that price and the price of brown energy,” Cook said. “We know in Apple that climate change is real. The time for talk is passed,” he added. “The time for action is now.”

  Long-Term Payment
First Solar, based in Tempe, Arizona, manufactures solar panels and builds solar power plants, many of which it sells to power producers.
Construction of the 2,900-acre California Flats Solar Project is expected to start in mid-2015 and finish by the end of next year, First Solar said in a statement.
Apple will receive electricity from 130 megawatts of capacity under a 25-year purchase agreement, the largest in the industry to provide clean energy to a commercial end user, First Solar said. Output of the project’s remaining 150 megawatts will go to Pacific Gas and Electric Co.
Apple will not receive an equity stake in the project and will make the payments over the lifetime of the deal rather than all at once, First Solar spokesman Steve Krum said. “The reason that they made this choice is because they saw a way to save economically,” Krum said.
Apple already uses renewable energy to power its data centers. Last week, it said it would invest $2 billion over 10 years to convert a failed sapphire glass plant in Arizona into a data center that would be powered mostly by solar energy.

 

Short URL : http://goo.gl/bUF1ID

You can also read ...

China has announced plans to gradually remove foreign ownership caps for limits for car, ship and aircraft makers.
US Treasury Secretary Steven Mnuchin said he’s considering a...
In South America, soybean farming has been a major driver of deforestation across the region including in the Amazon rainforest.
Officials from around the world came together to create and...
the 2018 forecast remains lower than all but five of 38 predictions  from economists surveyed by Bloomberg.
With Brazilian economists cutting their growth forecasts for...
Central Asia Trio Test Investor Conviction
Central Asian financial markets lacked clear direction after a...
Int’l Community Backs Afghan Reforms
Major economic powers and international institutions have...
North Korea Leader Could Pursue Reforms Under a Different Name
North Korean leader Kim Jong Un’s promise to build “socialist...
Spaniards Now Richer Than Italians
Spaniards have overtaken the Italians and become richer...
Taiwan FDI Increases
According to the statistics of the investment commission of...

Trending

Googleplus