US technology provider and manufacturer Apple has launched a new clean energy fund in China.

The fund is worth an estimated 720 million yuan ($99.26m), according to National Technology News, which first reported the story. It is the second clean energy fund the company has launched in the country.

The fund will be managed by global investment firm Schroders and aims to support early-stage renewable energy projects.

The fund has a goal of adding around 550,000MWh of wind and solar capacity each year to the Chinese grid, with targets expected to increase as investor support grows.

“With the launch of the second China Clean Energy Fund, we’re proud to deepen our collaboration with suppliers across China to drive innovation, opportunity, and progress for our shared planet,” said Jeff Williams, Apple’s chief operating officer.

The fund, according to Apple, is part of a broader move by the company to transition its supply chain to 100 percent renewable energy by 2030.

Apple's first clean energy fund in China was launched in 2018. According to the company, it exceeded its targets, developing more than 1GW of wind and solar across 14 Chinese provinces.

Apple has made several high-profile commitments to renewable energy to decarbonize its supply chain. In addition to its clean energy funds, the company has signed several Power Purchase Agreements (PPA).

For example, last April, Apple signed a PPA with ib vogt to offtake 105MWac of solar power from the Castaño Solar project in the province of Segovia, northwest of Madrid.

The company says all its data centers are powered by renewable energy via PPAs and other agreements.