Apple Commits $848 Mln For Clean Energy From First Solar's California Project

(RTTNews) - First Solar, Inc. (FSLR) said Tueday that technology giant Apple Inc. (AAPL) has committed $848 million for clean energy from First Solar's California Flats Solar Project in Monterey County, California.

Apple will receive electricity from 130 megawatts of the solar project under a 25-year power purchase agreement.

The 2,900-acre California Flats Solar Project occupies 3% of a property owned by Hearst Corp. in Cholame, California. Construction is expected to begin in mid-2015, and to be completed by the end of 2016.

The output of the remaining 150MW of the project will be sold to Pacific Gas & Electric under a separate long-term power purchase agreement, and the project is fully subscribed between the Apple and PG&E power purchase agreements.