Tech giant Apple Inc has announced that it will be spending approximately USD 850 million on a solar energy project that will produce sufficient power for the company’s retail stores, new corporate headquarters and other operations based in California.
This will make Apple the biggest single energy consumer from the new solar facility, which will be constructed in rural Monterey County spreading across 2,900 acres.
Apple’s chief executive Tim Cook made the crucial announcement during a presentation at the Goldman Sachs Technology and Internet Conference in San Francisco on Tuesday.
In his address, Cook said that the company is deeply concerned about the climate change and this is the reason why the company is adopting renewable energy forms for powering its computer centers.
The stock increased 1.9 percent to USD 122.02, valuing Apple at over USD 710 billion.
The first Solar Inc. of Arizona is constructing the facility with a capacity of 280 megawatts. The tech giant has signed a 25-year contract deal for electricity from 130 megawatts of the capacity of the plant.
The construction work on the California Flats Solar Project will commence in the mid of this year and is planned to be completed by the end of next year, according to Apple.
In another development, Apple became the first American firm to close trading after reaching a market value above USD 700 billion on Tuesday.
The company’s shares vaulted on the upbeat news of its gains in the smartphone market and the much-talked smartwatch device, which is soon to arrive in the markets. The record profits and sales in recent quarters boosted the company’s shares.