So why did Cook decide to make such a large investment in the first place? According to Apple, it seems that the energy produced by the solar panels is going to be used in order to power up Apple headquarters, every store and data center. Making Apple one of leaders in using self sustaining energy and staying off the grid.
After the deal was closed between the two giants, it has become one of the biggest buys by a corporation that is not a utility company. As a result, it has also tripled Apple's stake in solar. Below are the details surrounding the deal which are quite interesting to say the least:
* Investment amount: 850 million dollars.
* Footprint: 12 sq. km.
* Length of contract: 25 years or twenty nine hundred acres.
* Start date: Middle of 2015
* Power: 130 MWts.
* Completion: End of next year, just in time for Apple to take advantage of a 30% US tax credit.
What about profitability?Minutes after the deal was closed, Apple's stock reached a massive 711 billion dollars. Making Apple the first company in the history of the United States to ever cross the 700 billion dollars mark. Shares of both companies surged. While none of the companies disclosed any details about the deal, there is no doubt that investing such a massive investment will prove very profitable. It seems that info about this may surface in the coming days, but nothing is certain.
By closing this deal, Tim Cook shows his support for the future of energy and that he takes climate change as a serious matter that needs to be urgently addressed. Apple has also invested in two other solar plants (of twenty megawatts each) with the third one under development in Reno, Nevada and another one in NC. In an interview, Tim Cook said that a lot of companies have been talking about solar energy and the changes it would bring, in and it was a good time to take action.
While there are other forms of alternative energy that are cheaper than solar (wind energy), there's no doubt that solar is the future. Prices have gone down quite a lot and Apple's big solar deal only goes to show that things are heading toward renewable energy.
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