Apple in big solar power deal, market cap closes over US$700b

San Francisco

APPLE Inc will buy about US$850 million worth of power from a new California solar farm to cut its energy bill, the iPhone maker said on Tuesday as its stockmarket value closed above US$700 billion for the first time.

The First Solar Inc plant - with the capacity to power the equivalent of 60,000 homes - will be used to supply electricity for Apple's new campus in Silicon Valley, and its other offices and 52 stores in the state, Apple CEO Tim Cook said at a Goldman Sachs technology conference in San Francisco.