The Apple-launched China Clean Energy Fund has invested in three wind farms, according to the tech giant.
In July 2018, Apple announced an investment fund in China to connect suppliers with renewable energy sources. As part of Apple’s commitment to address climate change and increase the use of renewable energy within its supply chain, 10 initial suppliers and Apple said it would jointly invest nearly $300 million over the next four years into the China Clean Energy Fund.
The fund will invest in and develop clean energy projects totaling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly one million homes, according to Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives. By virtue of its size and scale, the China Clean Energy Fund will give its participants the advantage of greater purchasing power and the ability to attain more attractive and diverse clean energy solutions, she added.
Apple and 10 of its suppliers in China will invest nearly $300 million by 2022 to develop projects totaling 1 gigawatt of renewable energy. The three wind farms in Hunan and Hubei will generate approximately one-tenth of the anticipated overall project total, says Jackson.
The wind farms in Hunan and Hubei also impact their local economies and governments helping each province reach mandated renewable energy goals. In Dao County, which is classified a state poverty county, the revenues from the construction and running of Concord Jing Tang and Concord Shen Zhang Tang farms also provide important sources of income.
“We’re excited to support developers like Concord and Fenghua,” says Yuyu Peng, director of DWS Group which manages the China Clean Energy Fund, in a press release. “The projects in Hunan and Hubei provide so many positive results. They not only support China’s renewable energy goals, but also introduce our fund partners to diverse clean energy projects.”
“The China Clean Energy Fund has enabled us to invest in a great many renewable projects at a much higher capacity. This just wouldn’t be possible on our own,” adds Hao Peng, chairman and president of Sunway Communication, an Apple supplier and investor in the fund. “We appreciate Apple’s efforts, and we’re looking forward to investing in clean energy projects across China.”