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United States : APPLE signs $850000000 solar power deal.

Apple inked a deal with First Solar to purchase $850,000,000 worth of electricity over the next 25 years. First Solar, headquartered in Tempe, Arizona, will begin constructing a 280 million megawatt solar farm later in 2015. Completion is anticipated by 2016.

The deal guarantees Apple 130 million megawatts of power, enough to run its new Silicon Valley campus plus all 52 of its Apple stores and other facilities in California. The 2900 acre solar farm will give 150 million megawatts to Pacific Gas & Electric.

Tim Cook, Apple CEO told investors in a recent conference call, We know in Apple that climate change is real. The time for talk is passed. The time for action is now. Even though Apple will have no ownership stake in the solar power facility, it now precisely knows how much it will pay for electrical energy for the next 25 years.

Cook said, 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.

First Solar says the project could not have gone ahead without Apple s participation. Steve Krum, spokesman said, The reason that they made this choice is because they saw a way to save economically.

You won t have price volatility from other fuel sources. The fuel is free. It s competitively priced from other options they would have.

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Publication:Mena Report
Date:Feb 16, 2015
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