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Apple to spend some of its giant cash horde on $848m solar farm

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Apple CEO Tim Cook

Apple CEO Tim Cook has announced plans for a new 1,300 acre solar power farm in Monterey, California.

Speaking at the Goldman Sachs Technology and Internet Conference (via CNBC), Cook claimed the firm is investing a whopping $848m (around £555bn) into the project, which will begin in mid-2015.

The partnership with Arizona firm First Solar will see Apple supplied with electricity to power its new Cupertino campus for the next 25 years.

The farm, which will be completed next year, will also provide enough electricity to power 60,000 homes and will join the company’s other solar farms in North Carolina and Nevada.

During the conference, Cook pointed out all of Apple’s data centres are run on renewable wind, hydro, geothermal and solar energy.

Of course, Apple certainly isn’t short of the cash to spend on such a venture. The firm hit its highest ever value on Tuesday.

The world’s most valuable firm closed with a market cap of $710 billion (around £456 billion), the highest ever for a company in the United States.

Read more: Apple iPhone 6 Plus review

Meanwhile, Cook also touched on his expectations for the Apple Watch, which will be released in April in the United States.

Cook said "everyone will be surprised about the breadth of what it will do,” while likening its potential impact to that of the iPod.

He added: "Everybody’s going to have their favorite thing. I use mine it in the gym to all the time to track my activity level. If I sit for too long it will actually tap me on the wrist to get up ad move. A lot of doctors believe that sitting is the new cancer."

Do you think the Apple Watch could be a defining product for the company? Let us know your thoughts below.

Jedibeeftrix

February 10, 2015, 10:50 pm

because it's tax efficient when obama is talking about taxing profits that US mutinationals 'hide' overseas, especially when there are no doubt incentives to invest in green carbon offset tech...?

toboev

February 10, 2015, 11:27 pm

"whopping $848m (around £555bn)"
Has the pound really sunk that low?

"I use mine it in the gym to all the time to track my activity level." He really talks like that?

Alex Walsh

February 11, 2015, 3:02 pm

The pound has dropped massive against the dollar in the past year. It's currently at $1.53/£1 but was at around $1.75/£1 in the not too distant past.

toboev

February 11, 2015, 10:44 pm

even so, $0.00153/£1 represents a precipitous decline.

Alex Walsh

February 12, 2015, 8:28 am

Aaah, didn't spot the typo ^_^

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