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Apple, the Cupertino, California based tech giant is set to spend $860 million on a project for solar energy that will be able to generate sufficient to power the iPhone giant’s new headquarters, retail outlets and other operations it has in California.
The makers of iPhones, iPads, iPods and more will be the largest single energy consumer from the new solar plant. It is currently being constructed on nearly 3,000 acres in Monterey County, which is south of San Francisco Bay near the current headquarters of Apple.
This project reflects the concern by Apple regarding climate change, said Tim Cook the CEO at a Tuesday investment conference in San Francisco.
Cook added that different renewable energy forms powered the computer centers for the company already.
First Solar, based in Arizona is building the new facility for Apple. The solar facility will have a capacity to produce 280 megawatts. Apple signed a contract for 25 years for electricity for 130 megawatts of the total capacity of the plant.
Cook said the 130 megawatts of energy would be enough power to run the new headquarters of Apple that is being built along with each of its other offices in California, as well as the 52 retail stores Apple has in California and one computer center.
First Solar announced it would sell the rest of the remaining electricity to the chief utility in northern California, Pacific Gas and Electric.
Construction will start sometime later in 2017 and should be completed before the end of 2017.
On Tuesday, Apple became the first company in the U.S. to end trading with a market capitalization of over $700 billion. Record high sales and profit during the past few quarters have boosted Apple shares.
On Tuesday, Apple stock was higher by 1.9% to end the day at $122.02, giving Apple a valued of over $710 billion.