Apple Inc. has launched a fund with key suppliers to invest $300 million in solar projects. The fund will be used to develop over 1,000 MW of solar energy in Apple’s supply chain. Apple is a multinational technology company, headquartered in Cupertino, California.
Apple will provide the financing for solar projects over a four year period in the People’s Republic of China (PRC). Apple’s suppliers in the PRC will purchase the power from the solar projects. Globally, Apple has set a corporate target of achieving 1,400 MW of renewable energy capacity. Apple’s new fund is another step toward meeting the corporation’s renewable energy goals.