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First Solar Just Signed An $848 Million Pact With Apple

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First Solar Just Signed An $848 Million Pact With Apple
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First Solar, Inc. (NASDAQ: FSLR) signed an $848 million, 25-year agreement on Tuesday to sell power to Apple Inc. (NASDAQ: AAPL).

The Tempe, Arizona-based First Solar closed Tuesday up nearly 5 percent and changed hands recently in the extended session at $49.45, gaining $0.91.

Apple will acquire electricity from First Solar's California Flats Solar Project in Monterey County, California.

Construction is expected to begin in mid-2015, and should be completed by the end of 2016.

Related Link: Goldman Sachs Internet/Tech Conference: Recap

The output of the remaining 150 megawatts of the project will be sold to Pacific Gas & Electric Co. (NYSE: PCG) under a separate, long-term agreement.

First Solar said the Apple contract is the largest agreement in the industry to provide clean energy to a commercial end user.

The 2,900-acre California Flats Solar Project occupies 3 percent of a property owned by the privately-held Hearst Corp. in Cholame, California.

Image credit: Chinneb, Wikimedia

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