Saneun Signs Business Agreement with Hanwha Group to Foster Green Energy Development
5-Year 5 Trillion Won Financial Support
1 Trillion Won Scale Fund to Be Established Within the Year
[Asia Economy Reporter Park Sun-mi] On the 12th, Korea Development Bank announced that it signed an industrial-financial cooperation program agreement with five Hanwha Group affiliates at the Hanwha Solutions factory located in Jincheon, Chungbuk, to foster green energy.
This agreement was prepared to secure sustainable competitiveness in the solar power industry for the government's 2050 carbon neutrality goal, support the early establishment of the hydrogen economy, and activate private investment. Hanwha plans to invest 9 trillion KRW in green energy businesses over the next five years, focusing on solar power and green hydrogen projects, and KDB will support Hanwha's green energy business through approximately 5 trillion KRW in funding cooperation over the next five years as a catalyst for activating private green energy investment.
Additionally, KDB and Hanwha plan to establish a fund worth 100 billion KRW within this year to invest in small and medium-sized enterprises and mid-sized companies related to green technology to create a low-carbon industrial ecosystem.
This agreement ceremony marks the third industrial-financial cooperation program that KDB has promoted to foster major domestic industrial ecosystems. KDB is currently promoting extensive green finance support, including the 25 trillion KRW Korea Transformation New Deal Program, the 20 trillion KRW policy-type New Deal Fund establishment and operation, and the 5 trillion KRW KDB Carbon Spread Program to support achieving 2050 carbon neutrality, in line with government policies such as the Korean New Deal and the 2050 Carbon Neutrality Policy.
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A KDB official stated, "Through this business agreement with Hanwha, we will actively respond to the financial demands necessary for fostering new promising low-carbon industries and actively fulfill our role alongside related industries in implementing the government's 2050 carbon neutrality promotion strategy.”
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