First Solar is expected to start construction of the 2,900 acre solar plant, located in Monterey County, California, in mid-2015. The plant is expected to come online by the end of 2016.
"Given the profile of Apple and their reputation we think it's going to stimulate a lot of other companies that may not have programs as active as Apple's to ask questions - is there a smarter better way we can procure our energy?," First Solar CEO Jim Hughes said in an interview.
Apple isn't investing in solar to be a good Samaritan. They're doing it because it makes financial sense. "We expect to have very significant savings," said Apple CEO Tim Cook.
Wind power has always been cheaper than solar power. However, the sun is the future. The price of solar is declining quicker than that of any source of electricity and by 2050 solar could be the world's biggest single source of electricity according to the International Energy Agency.
- Wal-Mart: The retailer has installed more than 100MW of solar capacity on store rooftops.
- Google: In 2014 Google's 400MW power-purchase deal in wind, boosted it's total share in renewable energy to 1GW.
- Ikea: The furniture retailer has committed to becoming 100 percent renewable by 2020.
- Amazon: The largest online retailer has jumped into renewable energy just last month with a 150MW wind agreement.
- Microsoft: In the past two years has entered into deals for 285MW of wind energy.
- Warren Buffett: The greatest investor of our time loves renewable energy and is expected to complete construction on the world's largest solar farm later this year. With $15B invested in alternative energy, Buffett, has been very clear that he intends to double his investment and continue to invest in alternative energy projects forever.