First Solar Gets $848M From Apple For Massive Solar Plant

Tempe, Arizona-based solar panel manufacturer First Solar said Tuesday, that it is in a deal to build a giant solar power project for Apple in Monterey County, California. First Solar said that Apple had committed $848M for clean energy from its California Flats Solar Project, where Apple will receive electricity from the plant in a 25-year, power purchase agreement (PPA). The plant will produce 130 megawatts of power for Apple. The rest of the project--another 150MW--is being sold to Pacific Gas & Electric. The plant is expected to be complete by the end of 2016.