7 Billion Yuan! Foxconn to Start Renewable Energy Business in China

PVTIME – Hon Hai Technology Group (Foxconn), the world’s leading electronics manufacturer and technology solutions provider, announced that it has signed an agreement with Albamen Capital, an industrial investment firm, to establish a joint venture to invest in and develop renewable energy businesses in China.   

The new cooperation aims to accelerate the goal of net-zero and environmentally sustainable development. The two sides will draw on their rich experience in technology and investment to set up a joint venture with registered capital of 2 billion yuan, which will mainly engage in renewable energy generation projects, with a target of acquiring 200GWh of green power rights per year. Meanwhile, a fund with a target size of 7 billion yuan will be set up for the development of green energy, including solar power, wind power and energy storage, with a target of acquiring 600GWh of green power rights.

Foxconn responded to CA100+ in 2020 and aims to achieve net-zero emissions by 2050, while the group has also set a target of adopting 50% green power by 2030. Foxconn had significantly increased its green power usage to over 40% in 2023.

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