Apple creates an ‘Apple Energy’ energy subsidiary

Apple has created an energy subsidiary, “Apple Energy’” LLC, that’s registered in Delaware but run from its Cupertino, California headquarters, reports 9to5Mac. The company was apparently formed to allow the company to sell excess electricity generated by its solar farms in Cupertino and Nevada, with plans to sell electricity across the whole of the U.S., the article adds.

“Currently, when private companies sell their excess power, they can only do so to energy companies – and they often (varies by state) have to sell at wholesale rates,” notes 9to5Mac. “What Apple seemingly could to do, however, is sell directly to end-users at market rates. In other words, get paid retail prices for its excess power.”

Over a year ago, Apple announced an $850 million agreement to buy solar power from First Solar, the biggest U.S. developer of solar farms. The deal will supply enough electricity to power all of Apple’s California stores, offices, headquarters and a data center, Cook said Tuesday at the Goldman Sachs technology conference in San Francisco.

It’s the biggest-ever solar procurement deal for a company that isn't a utility, and it nearly triples Apple’s stake in solar, according to an analysis by Bloomberg New Energy Finance. Also, in 2015, Apple agreed to back two large solar farms in China. It’s the biggest deal of its kind for a U.S. company operating in China. 

The solar projects are designed to minimize their ecological impact. Today 87% of Apple’s global operations run on renewable energy.