Apple stumps for renewables, spends $850 million on solar energy

Apple is going all in for renewables with a $850 million First Solar deal in exchange for 130 megawatts, enough to power 60,000 California homes.

Apple CEO Tim Cook made the announcements on Tuesday at the Goldman Sachs technology conference in San Francisco. The power will supply Apple's new headquarters, a data center and stores.

First Solar will build the 2,900 square acres solar farm, which is expected to be completed by the end of next year.

"We know that climate change is real," Cook said on Tuesday, according to Bloomberg. "Our view is that the time for talk has passed, and the time for action is now. We’ve shown that with what we’ve done."

First Solar (NASDAQ:FSLR) had a nice bump after the news broke. The company traded up 16.1% this week to $49.08 a share.