HONG KONG (Reuters) – Apple Inc said on Monday it will set up a new clean energy fund in China worth 720 million yuan ($99.22 million), coinciding with a Beijing visit of its CEO Tim Cook.

Apple said in a statement that it is a move aimed at expanding its clean energy capacity in China, and is part of the company’s efforts to transition its supply chain to 100% renewable energy by 2030.

($1 = 7.2568 Chinese yuan renminbi)

(Reporting by Jessie Pang and Beijing newsroom; Editing by Muralikumar Anantharaman)