Wind turbine giant Goldwind in power joint venture with Apple
Wholly-owned subsidiary Beijing Tianrun New Energy Investment agrees to transfer its 30pc stakes in four project companies to US tech firm
Xinjiang Goldwind Science & Technology, the world’s largest wind power turbine maker, has struck a joint venture agreement with Apple to supply clean energy to the American technology giant’s production partners in China.
The Urumqi, Xinjiang Uygur autonomous region-based firm’s wholly-owned subsidiary Beijing Tianrun New Energy Investment has agreed to transfer its 30 per cent stakes in four project companies to Apple, Goldwind said in a filing to Hong Kong’s stock exchange after the stock market closed on Wednesday.
The firms are located in Henan, Shandong, Shanxi and Yunnan provinces.
“Apple is committed to powering all of its facilities around the world with 100 per cent renewable energy, and is now working with its suppliers to power Apple’s product manufacturing with renewable energy,” Goldwind said.
The filing did not reveal how much capital or assets will be contributed by Apple, but did say the project firms will become “cooperative joint ventures” that will no longer be consolidated in Goldwind’s financial statements, since important matters will require unanimous approval by their directors.
They will, however, remain subsidiaries of Goldwind under Hong Kong’s listing rules.