Apple is investing $848m (£555m) in a 130MW solar farm in California in partnership with First Solar in its latest green energy commitment.
Apple has signed a 25-year power purchase agreement for electricity generated by First Solar's California Flats Solar Project in Monterey County, which the companies said amounts to the largest agreement in the industry to provide clean energy to a commercial end user.
Apple's value rose to almost $711bn after the deal was announced by chief executive Tim Cook, making it the first US corporation to close with a market cap above $700bn.
The energy will be used for a variety of purposes, according to Cook. "[It's] enough renewable energy for all of our new Apple Campus 2, every other office we have in California, all 52 Apple retail stores in California, and our data centre in Newark, California," he said, as reported by Macrumours.
Cook has been a strong advocate of taking steps to combat climate change. The iPhone maker already powers all its data centres with renewable energy, and unveiled plans last week for a giant solar-powered data hub in Arizona.
"Apple is leading the way in addressing climate change by showing how large companies can serve their operations with 100 per cent clean, renewable energy," said Joe Kishkill, chief commercial officer at First Solar.
"Apple's commitment was instrumental in making this project possible and will significantly increase the supply of solar power in California.
"Over time, the renewable energy from California Flats will provide cost savings over alternative sources of energy as well as a substantially lower environmental impact."
Construction on the 2,900-acre California Flats Solar Project is expected to begin in mid-2015 and be completed by the end of next year.
The remaining 150MW of the output will be sold to Pacific Gas & Electric under a separate long-term power purchase agreement.
The deal also won praise from Greenpeace, which hailed Apple as providing a benchmark for the rest of the IT industry to follow.
"It's one thing to talk about being 100 per cent renewably powered, but it's quite another to make good on that commitment with the incredible speed and integrity that Apple has shown in the past two years," said Greenpeace senior IT sector analyst Gary Cook.
"Apple still has work to do to reduce its environmental footprint, but other Fortune 500 CEOs would be well served to make a study of Tim Cook, whose actions show that he intends to take Apple full speed ahead towards renewable energy with the urgency that our climate crisis demands."
A version of this story first appeared on V3's sister site BusinessGreen.
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