Apple to Spend Nearly $850 million for Building Solar Project in Monterey County

Apple to Spend Nearly $850 million for Building Solar Project in Monterey CountyOn Tuesday, Tim Cook the CEO of Apple announced that the company will be spending close to $850 million to build a solar energy project which will generate sufficient power to supply the whole of the new corporate headquarters of Apple, its retail stores and also some other areas of operations that are located in California.

Tim Cook announced the project at the Goldman Sachs Technology and Internet Conference in San Francisco and also said that Apple the project shows the climatic concerns of the Company. In addition he said that the computer centres of the company are already powered by different forms of renewable and alternative energy sources.

The tech giant will be the largest individual consumer of energy that will be generated in the planned solar facility. The solar power project is being built over 2,900 acres of land in the rural area of Monterey County.

Construction of the new solar project will start sometime in the mid of the current year and is expected to be completed by the 2016 end.

The facility is being built by First Solar Inc. of Arizona and with a capacity to produce 280 megawatts. Apple will be using 130 megawatts from the plant's capacity and has signed a twenty five years contract for the same. The output which will be extra will be sold out to Pacific Gas & Electric Co.