Apple, First Solar Strike Solar Deal

First Solar Inc. said Tuesday Apple Inc. has committed $848 million to get 130 megawatts of electricity from First Solar's California Flats solar project in Monterey County, Calif. Apple will enter a 25-year power purchase agreement, the largest in the industry providing renewable energy to a commercial user, First Solar said. Construction of the 2,900-acre project is expected to start mid-year, to be completed by the end of 2016. The remaining output of 150 mw will be sold to Pacific Gas & Electric under a separate long-term agreement. First Solar shares rose 4.8% on Tuesday, and were recently up 0.5% in after-hours trading.

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