APAC: Apple launches USD 300m China Clean Energy Fund 

13 July 2018 - 12:00 am UTC

Apple Inc has launched its first clean energy fund in China in partnership with its suppliers to invest in the country’s renewable projects.

The California-based tech giant and its 10 suppliers will jointly commit USD 300m over the next four years to the China Clean Energy Fund, which will invest in and develop renewable projects with more than 1GW of total capacity in China, according to a company statement today(13 July).

Lisa Jackson, Apple’s vice president of environment, policy and social initiatives, said the company was “thrilled” that many of its suppliers are participating in the fund. She expected the model to be “replicated globally”.

The move marks the first time a global tech company has formed a fund to put money in China’s fast-growing clean energy market, which is so far the world’s largest in terms of non-hydro renewable capacity. 

The China Clean Energy Fund will give its LPs, particularly the smaller companies, greater purchasing power and ability to access more diverse and attractive clean energy solutions, Apple said.

The fund will be managed by Deutsche Bank-backed asset manager DWS Group, which will also commit to the fund as a GP. ​​​​​​

A source told Inframation the fund is expected to make its maiden investment by the end of the year, with solar and wind projects among the primary targets.

The first 10 LPs of the China Clean Energy Fund include:

  • Catcher Technology
  • Compal Electronics
  • Corning Incorporated
  • Golden Arrow
  • Jabil
  • LuxshareICT
  • Pegatron
  • Solvay
  • Sunway Communication
  • Wistron​​​​​​

The majority of the LPs have manufacturing plants in mainland China, while Greater China is one of the biggest markets for Apple, reporting a 21% growth YoY for 2Q18.  ​​​​​​

The iPhone maker launched its Supplier Clean Energy Programme in 2015, which it said has since seen 23 of its manufacturing partners across 10 countries commit to powering all their Apple-related production with clean energy.