The developers of California Flats, a proposed solar farm for South County, will go before the Monterey County Board of Supervisors this afternoon seeking approval of their 2,900-acre project.
But even before that vote comes in, at least one major power buyer is ready to go. Apple CEO Tim Cook announced today that the tech giant intends to spend $850 million on power generated by First Solar's project.
In exchange, Apple will receive 130 megawatts of power for 25 years. That's close to half of the anticipated power supply; the remaining 150 megawatts will be sold to Pacific Gas & Electric, according to a statement by First Solar.
The Arizona-based company's stock price bumped up 5 percent today, following Cook's announcement.
"Apple's commitment was instrumental in making this project possible," Joe Kishkill, chief commercial officer for First Solar said in a statement.
The county Planning Commission voted unanimously to recommend the supervisors approve the project, over criticism and opposition from many neighbors.
The proposed solar farm is located near the community of Parkfield, and is located on land owned by Hearst Corporation, known as Jack Ranch. The life of the project is expected to be about 34 years, according to First Solar.
Editor's note: This post has been updated to reflect a statement by Salinas land use attorney Tony Lombardo that Apple is not an investor in this project, "They are simply a consumer."
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