Foxconn Invests NT$3 Billion in China’s Solar Industry

solar energy
Photo by Kanadaurlauber via Wikimedia Commons

Major iPhone assembler Foxconn, the trading name for Hon Hai Precision Industry Co., Ltd., announced yesterday that it is investing NT$3.2 billion (US$105 million) for an 82.75% stake in Fuyang New Energy Technology (Nanyang) (富陽新能源科技(南陽)) to expand its solar energy business in mainland China, Money DJ reported.

Foxconn sees the move as a long-term investment in the sustainable energy industry.

While the move is meant to enter China’s growing solar market for the national grid, it may also push Foxconn facilities in mainland China to rely on sustainable energy sources. Apple announced in April 2015 that it would invest in clean energy sources for its suppliers in mainland China. Foxconn said that it wanted to cooperate with Apple in its push for green energy.

In May, a GCL New Energy subsidiary signed a cooperation agreement with Fuyang New Energy Technology to build and operate 200 megawatts (MW) of solar power capacity in China.

China added 24 gigawatts (GW) of new solar capacity in the first half of 2017, with one-third of that capacity being distributed solar-power projects, according to Bloomberg. The country added 30 GW of solar capacity in all of 2016.

Taiwan plans to have 20 GW of solar capacity by 2025. In 2015, the country had 842 MW of installed solar capacity. The total solar capacity accounts for less than 0.5% of Taiwan’s power generation.

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