The two companies will form a renewable energy joint venture investment platform and a target size RMB 7 billion green infrastructure fund, aimed at accelerating Foxconn’s supply chain toward its net zero goals.
The JV investment platform will have a total equity capital of RMB 2 billion and aims to acquire operating renewable energy and related infrastructure assets across China, with the ultimate goal of generating 2 terawatt-hours (TWh) of renewable energy every year.
The two parties also plan to form a green infrastructure fund with a target size of RMB 7 billion to invest in a portfolio of renewable energy development projects such as solar power, wind power, energy storage and related infrastructure. Once fully invested and operational, the portfolio will generate circa 6 TWh of renewable energy per year. By tapping the green infrastructure fund, Foxconn’s upstream supply chain will have a pathway to clean energy.
Facing the urgent challenges of global climate change and energy sustainability, Foxconn deeply understands the key role it plays in achieving net-zero goals in the global technology industry supply chain. The Group has pledged to achieve net-zero emissions in the value chain by 2050, a move that has been welcomed by institutional investors and stewardship providers engaging with the company through the Climate Action 100+ initiative. Foxconn’s near-term emission reduction pathway has been validated under the Science Based Target initiative (SBTi). By the end of last year, Foxconn’s renewable energy ratio exceeded 40%.
Foxconn has pledged to reduce greenhouse gas emissions by 42% by 2030, and achieve net zero emissions by 2050. As a major supplier of Apple, Foxconn has also been required to shift to renewable energies and minimize the environmental impacts of its factories.
Albamena Capital Partners, also known as Albamen, is a private equity infrastructure investment firm that focuses on digital infrastructure and renewable energy in China. The firm is based in Hong Kong and Central, and emphasizes secular infrastructure themes and embedded ESG practices. Albamen Capital Partners has spun off from JIDA Capital, and its investments include data centers, renewable energy, and other infrastructure assets.
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