Shinhan Bank Signs Business Agreement for Overseas Market Expansion in Renewable and Eco-friendly Energy Sectors

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 30th that it has signed a business agreement with Kookmin Bank, Korea Midland Power, Korea Hydro & Nuclear Power, and Sprat Korea to promote global green energy investment.

Through this business agreement, each company plans to jointly promote the development of overseas renewable and eco-friendly energy projects and the establishment of investment funds to enter the overseas green energy market.

Specifically, Shinhan Bank and Kookmin Bank will invest in a fund (tentatively named the Global Green Energy Partnership Fund) that invests in renewable energy development projects in Europe, and support stable project development by providing financial solutions such as senior loans for investment projects.

Midland Power and Korea Hydro & Nuclear Power will be responsible for the overall construction and management operation of power plants by utilizing their abundant power plant operation experience and related know-how, while Sprat Korea will be in charge of the fund’s operation and management.

The entry of domestic companies into the European renewable energy market, which began with Midland Power’s Sweden Stavro wind power plant project in 2019, is expected to accelerate further through this business agreement. Midland Power is currently preparing for the second phase of the Sweden wind power project, and Korea Hydro & Nuclear Power also plans to actively enter the European market through this agreement.

A Shinhan Bank official said, "Through this business agreement, we will strengthen our position as a leader in ESG (Environmental, Social, and Governance) finance and contribute to climate finance and carbon neutrality efforts."

This content was produced with the assistance of AI translation services.