Apple (AAPL) stock made a move on the stock market Tuesday: It’s now in buy range. The company also announced an $840 million deal with First Solar (FSLR) to build a solar farm in California. Watch this video for key chart analysis of the consumer electronics giant. Follow Alissa Williams on Twitter: @IBD_AWilliams. RELATED: Apple Partners With First Solar On Massive Energy Plant.
Demonstrating its commitment to clean renewable energy sources, Apple (AAPL) has pledged $848 million to buy power from First Solar’s California Flats Solar Project in Monterey County, Calif. First Solar (FSLR) called the 25-year power purchase agreement “the largest agreement in the industry to provide clean energy to a commercial end user.” The 2,900-acre California Flats Solar Project is located in Cholame, Calif. Construction is expected to begin in mid-2015 and be completed by the end of 2016. Apple will get 130 megawatts of alternating current from the solar plant, and the remaining 150 MW of the project will be sold to Pacific Gas & Electric under a separate long-term agreement. Between Apple and PG&E, the 280 MW project is fully subscribed, First Solar said. “Apple’s commitment was instrumental in making this project possible and will significantly increase the supply of solar power in California,” Joe Kishkill, chief commercial officer…
Solar stock prices were down Friday after OPEC members on Thursday opted to keep their production ceiling unchanged despite plunging oil prices. First Solar (FSLR) stock was down 5% near 49 in midday trading on the stock market today. SolarCity (SCTY) was down 3% near 55; SunEdison (SUNE) was down 5% near 21; and SunPower (SPWR) was down 4% near 28. Canadian Solar (CSIQ)was down 11% near 24. The Guggenheim Solar ETF (TAN) was down 5% near 36.