Latest news with #Goldwind
Mint
a day ago
- Business
- Mint
Apple isn't leaving China. Its footprint is getting harder to see.
Apple's plans to make iPhones in India, components in Vietnam, and build new hubs across Southeast Asia reflect a meaningful effort to diversify away from China. But they tell only part of the story. In March, Apple CEO Tim Cook announced a new $99 million clean energy fund during a visit to Beijing. He didn't disclose project locations or recipients—only that Apple's commitment to China was 'expanding." The announcement came just two months before Chinese regulators delayed Apple's rollout of generative artificial intelligence features, the Financial Times reported. Those developments show how even one of China's most entrenched U.S. companies may face political and commercial friction as it tries to do business in both countries. As geopolitical pressure intensifies and investors look for clarity on decoupling, Apple's recent maneuvers offer a lesson for global businesses: A company need not leave China entirely so long as it can more effectively hide itself within it. Apple's behavior over the past several years shows it recalibrating its exposure to the actors and regions in China that carry reputational or regulatory risk. But it isn't ceasing to do business in China. Rather, Apple has stepped back from some of its direct affiliations and reduced its visibility without severing its ties to the business ecosystem in China, which remains dominated by the Chinese Communist Party. This model is instructive for other multinationals operating in China and other complex authoritarian environments. Confrontation and divestment are costly. Structural opacity, by contrast, offers flexibility—and protection. Apple needs to remain in good standing with regulators on both sides of the Pacific. That has led to unusual arrangements in China's western Xinjiang region. The Chinese Communist Party's policies of mass surveillance and forced labor there have deservedly drawn international condemnation. Congress passed the Uyghur Forced Labor Prevention Act in 2021, banning imports tied to forced labor in Xinjiang. Many Western businesses have withdrawn entirely from doing business in Xinjiang. In 2016, Apple announced that it had taken minority stakes in four wind power projects in China as part of a strategy to decarbonize its supply chain. The projects were developed in collaboration with Goldwind, one of China's largest wind turbine makers. Goldwind has strong ties to state-led infrastructure planning and to Xinjiang. The company was formerly called Xinjiang Goldwind but dropped the word from its name in 2023. Though not sanctioned by the U.S., Goldwind has faced criticism for its ties to Xinjiang from European and U.S. politicians for its suspected ties to forced labor. An investigation by the Tech Transparency Project, a nonprofit organization, and The Information, a tech and business publication, linked Goldwind to state-run labor transfer programs and construction projects involving the Xinjiang Production and Construction Corps, a U.S.-sanctioned paramilitary entity. U.S. pressure over forced labor in Xinjiang intensified in 2020. Companies such as H&M and Nike, which issued statements addressing forced labor allegations, faced backlash on social media in China. By 2021, Apple's affiliated entities no longer appeared as shareholders in the Goldwind wind projects in Xinjiang. Corporate filings, reviewed in a Chinese business registration database, indicate that the equity stakes were transferred to subsidiaries controlled by Goldwind. Apple didn't publicly disclose the move, and no mention appeared in its environmental or investor reporting: Apple's investment shift is being revealed here for the first time. Apple didn't respond to requests for comment. The company has addressed allegations of forced labor involving Xinjiang in at least one other case, saying it regularly audits its supply chain to avoid the practice. It cut ties with a Chinese supplier that had been accused of forced labor in 2021, Bloomberg reported. Apple may have found other investing strategies that allow it to maintain relationships with Chinese entities in less visible ways. In 2018, Apple had announced it and 10 Chinese suppliers would invest $300 million in China Clean Energy Fund. That fund allows Apple's capital to reach state-linked firms and potentially sensitive regions without appearing in public filings. Among the beneficiaries of the fund, disclosed in a Chinese business registration database, is China General Nuclear Power Group, a state-owned firm added to the U.S. Entity List in 2019 for military ties. U.S. companies face sharp restrictions on doing business with companies on the list. The initial clean energy fund, designed to last just four years, ended in 2022. This year, Apple announced a successor fund worth approximately $99 million during Cook's visit to Beijing—but this time disclosed neither project locations nor recipient companies, continuing its reliance on indirect investment vehicles. This isn't a retreat from China but a careful reconfiguration—one that allows Apple to meet its clean-energy goals while addressing government sensitivities in both the U.S. and China. In 2024, Apple ranked third for China exposure of large U.S. companies in Strategy Risks SR 250 rankings; it has since dropped to 27th. Apple continues to operate at scale within China's commercial and political systems, while relying on structures that make its presence less legible to outside observers. The company meets regulatory expectations in both Washington and Beijing, while it avoids direct exposure that could invite retaliation from either. U.S. sanctions law covers physical imports from Xinjiang, but it doesn't restrict capital flows. Financial contributions routed through investment vehicles, such as the CCEF, are legally safe—even if reputational risk persists. Apple isn't exiting China. It has re-engineered its presence there to be less visible and harder for outsiders to trace. Its energy partnerships, once direct and disclosed, are now filtered through funds. In Xi Jinping's China, the companies that endure aren't the ones that speak out. The ones that endure are the ones that adapt—and recede from transparency. Guest commentaries like this one are written by authors outside the Barron's newsroom. They reflect the perspective and opinions of the authors. Submit feedback and commentary pitches to ideas@
Business Recorder
21-05-2025
- Business
- Business Recorder
Going green: Power Cement to install 7.5MW wind plant
In a significant step toward sustainability, Power Cement Limited (POWER) has announced plans to set up a 7.5MW wind power project, which is expected to go live by FY2026. The listed cement maker shared the development during its corporate briefing session on Wednesday. The project will utilise Goldwind turbine with a capacity of 7,500 kW and will follow a rental model, similar to the company's existing solar agreements. 'Expected completion is targeted within FY2026,' the company stated. Upon the project's completion, wind energy would account for 11% of Power Cement's energy mix. The company already generates 34% and 6% of its energy from WHRS (Waste Heat Recovery System) and solar, respectively. Whereas, the remaining 60% comes from HESCO. Founded in 1981, Power Cement Limited stands as the flagship Company of Arif Habib Group, a prominent financial and industrial conglomerate. The factory site of the company is located at Motorway M-9, Nooriabad, Sindh. The company was previously known as Al-Abbas Cement Limited until its acquisition in 2010 by the Arif Habib Group. Presently, the company has three manufacturing lines, with a cumulative nameplate clinker production capacity of 10,700 TPD, with total annual capacity of 3.21 million tons. The company is one of the largest players in Pakistan's South zone with a total annual cement production capacity of 3.37 million tons, 11,235 TPD. The announcement aligns with a broader industry shift in Pakistan toward renewable energy as companies look to cut energy costs and reduce reliance on the national grid. Last month, Thatta Cement Company Limited completed and commissioned a 4.8MW wind power project at its plant in Thatta, Sindh. Earlier this month, Ali Asghar Textile Mills Limited (AATM), a former textile unit turned logistic service provider, informed it was developing a 1,00KW (1MW) solar power project, which has now entered the execution phase. In March, Tariq Corporation Limited announced plans to set up a 200KW solar power system at its facility.
Zawya
20-05-2025
- Business
- Zawya
Oman: ‘Climate-adapted' turbines for PDO wind farms
MUSCAT: Chinese multinational wind turbine manufacturer Goldwind is set to make its debut in Oman's sizable wind energy space with a contract to supply wind turbines for a pair of wind farms with a combined capacity of 234 MW. The partnership of Omani state-owned OQ Alternative Energy (OQAE) [with a 51 per cent shareholding] and French integrated multi-energy group TotalEnergies (49 per cent) is developing the two wind farms in the southern part of the Block 6 concession of Petroleum Development Oman (PDO), currently the largest producer of hydrocarbons in Oman. Output from the two wind farms, dubbed Riyah-1 and Riyah-2, will be supplied to PDO under long-term power purchase agreements. Agreements green-lighting the start of work on these wind farms, among other initiatives, were signed last week. PowerChina Huadong Engineering (PowerChina) was named the Engineering, Procurement and Construction (EPC) contractor. For Beijing-headquartered Goldwind, which was ranked the largest supplier of wind turbines to the global market in 2024, the Oman contracts represent a further expansion into the lucrative Middle East market. 'We are honoured to announce that Goldwind, as the wind turbine supplier for the 234 MW Riyah 1&2 wind projects, is partnering with OQ Alternative Energy (OQAE) and TotalEnergies to deliver Oman's largest wind power initiative—marking a historic step in the nation's decarbonization journey. It also represents Goldwind's entry into its global market, reinforcing our commitment to worldwide sustainable energy solutions,' the Chinese firm stated in a post. According to Goldwind, the two wind farms will be equipped with the company's 'climate-adapted turbines' designed to displace 740,000 tonnes of CO₂ annually, which is equivalent to removing 160,000 cars from roads. 'These projects will supply green electricity to the Petroleum Development Oman (PDO) electricity transmission network through long- term power purchase agreements. This represents a pioneering model of integrating renewable energy into the traditional fossil fuel sector, demonstrating Oman's strong commitment to decarbonizing its oil and gas sector,' it noted. Ranked among the Top 5 wind turbine manufacturers in China, Goldwind is credited with delivering more than 53,000 wind turbines worldwide as of the end of Q3 2024, boasting a global cumulative installed capacity exceeding 128GW. According to the Global Wind Energy Council's (GWEC) annual Supply Side Data report, Goldwind remained the world's leading turbine supplier, installing more than 20 GW in 2024 – a new record. As of the end of Q1 2025, the company's total order backlog was 51.09GW, which includes 48.6 GW of external orders. Oman, with a requirement of hundreds of wind turbines to meet its target of securing at least 30 per cent of its energy needs from renewables, represents a key market for manufacturers like Goldwind. Additionally, an estimated 2,000 wind turbines will also be required to support Oman's green hydrogen productions targets by 2030.
Observer
19-05-2025
- Business
- Observer
‘Climate-adapted' turbines for PDO wind farms
MUSCAT, MAY 19 Chinese multinational wind turbine manufacturer Goldwind is set to make its debut in Oman's sizable wind energy space with a contract to supply wind turbines for a pair of wind farms with a combined capacity of 234 MW. The partnership of Omani state-owned OQ Alternative Energy (OQAE) [with a 51 per cent shareholding] and French integrated multi-energy group TotalEnergies (49 per cent) is developing the two wind farms in the southern part of the Block 6 concession of Petroleum Development Oman (PDO), currently the largest producer of hydrocarbons in Oman. Output from the two wind farms, dubbed Riyah-1 and Riyah-2, will be supplied to PDO under long-term power purchase agreements. Agreements green-lighting the start of work on these wind farms, among other initiatives, were signed last week. PowerChina Huadong Engineering (PowerChina) was named the Engineering, Procurement and Construction (EPC) contractor. For Beijing-headquartered Goldwind, which was ranked the largest supplier of wind turbines to the global market in 2024, the Oman contracts represent a further expansion into the lucrative Middle East market. 'We are honoured to announce that Goldwind, as the wind turbine supplier for the 234 MW Riyah 1&2 wind projects, is partnering with OQ Alternative Energy (OQAE) and TotalEnergies to deliver Oman's largest wind power initiative—marking a historic step in the nation's decarbonization journey. It also represents Goldwind's entry into its global market, reinforcing our commitment to worldwide sustainable energy solutions,' the Chinese firm stated in a post. According to Goldwind, the two wind farms will be equipped with the company's 'climate-adapted turbines' designed to displace 740,000 tonnes of CO₂ annually, which is equivalent to removing 160,000 cars from roads. 'These projects will supply green electricity to the Petroleum Development Oman (PDO) electricity transmission network through long- term power purchase agreements. This represents a pioneering model of integrating renewable energy into the traditional fossil fuel sector, demonstrating Oman's strong commitment to decarbonizing its oil and gas sector,' it noted. Ranked among the Top 5 wind turbine manufacturers in China, Goldwind is credited with delivering more than 53,000 wind turbines worldwide as of the end of Q3 2024, boasting a global cumulative installed capacity exceeding 128GW. According to the Global Wind Energy Council's (GWEC) annual Supply Side Data report, Goldwind remained the world's leading turbine supplier, installing more than 20 GW in 2024 – a new record. As of the end of Q1 2025, the company's total order backlog was 51.09GW, which includes 48.6 GW of external orders. Oman, with a requirement of hundreds of wind turbines to meet its target of securing at least 30 per cent of its energy needs from renewables, represents a key market for manufacturers like Goldwind. Additionally, an estimated 2,000 wind turbines will also be required to support Oman's green hydrogen productions targets by 2030.
Jordan Times
26-03-2025
- Business
- Jordan Times
World installed record renewable energy in 2024, driven by China: report
An aerial view shows wind turbines of Chinese company Goldwind in Zhangjiakou, northern China's Hebei province on March 26, 2025 (AFP photo) DUBAI — The world installed a record amount of renewable energy capacity last year, largely driven by China, according to a report published on Wednesday by the International Renewable Energy Agency (IRENA). Generating capacity from the likes of solar, wind, hydroelectric and geothermal energy, grew by 15.1 per cent globally, reaching close to 4.5 terawatts, according to the report from IRENA. Across the world, 585 gigawatts of renewable capacity was added to grids, accounting for 92.5 per cent of all new electricity-generating capacity installed last year. "The continuous growth of renewables we witness each year is evidence that renewables are economically viable and readily deployable," Francesco La Camera, IRENA's director said in a statement. "Each year they keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock," he added. To achieve a global goal, agreed at the COP28 climate summit in 2023, to triple renewable energy generation capacity by 2030 the world must reach 11.2 terawatts. That will require annual growth of 16.6 percent until the end of the decade, the report said. Last year, Asia was central to global renewable growth, with China alone accounting for 64 percent of new capacity worldwide. More than three-quarters of all the newly installed capacity worldwide was in the form of photovoltaic cells, which turn solar energy directly into electricity. Of that, China accounted for more than half. Simon Stiell, executive secretary of the UN's climate treaty process, said in the same statement that "renewables grew in Asia at double the rate in Europe". "Clearly there is still so much opportunity for Europe to step up the pace." "In a global clean energy boom that hit $2 trillion last year -- the dividends on offer are monumental," he added.
