Apple is investing a substantial chunk of its vast cash reserves into clean energy in the state of California.

This one comes to us not from the rumor mill but straight from Apple CEO Tim Cook. Cook revealed today that the company is plunking down $850 million to build a solar farm in California. The facility will be constructed with solar panel maker First Solar.

Housed in Monterey County, California, the project will serve up enough energy for 60,000 homes, Reuters reports (not to mention Apple's forthcoming campus in Cupertino). "We know in Apple that climate change is real. The time for talk is passed," Cook is quoted in the report. "The time for action is now."

Construction of the sprawling 2,900-acre solar farm is expected to commence this summer.

Not surprisingly, environmental organizations are lavishing praise on Apple in the wake of today's news.

"Apple still has work to do to reduce its environmental footprint, but other Fortune 500 CEOs would be well served to make a study of Tim Cook," Greenpeace said in a written statement issued a few hours ago.

Source: Reuters