KB Financial Group and Shinhan Financial Group Jointly Invest 80 Billion KRW in 'Global Green Energy Fund'

The first investment is a project to build a 74.4MW wind power plant in Sweden

[Asia Economy Reporter Sunmi Park] KB Financial Group and Shinhan Financial Group announced on the 16th that they have jointly invested a total of 80 billion KRW in the ‘Global Green Energy Partnership Fund,’ which invests in new renewable energy development projects in Europe.

The Global Green Energy Partnership Fund was established through a green energy investment activation business agreement signed last April by KB Kookmin Bank, Shinhan Bank, Korea Midland Power, Korea Hydro & Nuclear Power, and Sprat Korea.

KB Kookmin Bank and Shinhan Bank each contributed 15 million euros (approximately 20 billion KRW), and KB Insurance (KB Asset Management LDI Division) and Shinhan Life each invested 20 billion KRW, jointly contributing a total of 80 billion KRW. Sprat Korea Asset Management will manage the euro-denominated fund, while Shinhan Asset Management will manage the KRW-denominated fund.

The first investment selected by the fund is the ‘Gubaberg Project,’ a project to build a 74.4MW wind power plant in Sweden. The Global Green Energy Partnership Fund will invest 55% of the equity, with the remaining 45% contributed by Korea Midland Power. Additionally, KB Kookmin Bank and Shinhan Bank have issued letters of credit to provide local credit guarantees for the ‘Gubaberg Project’ in Sweden, and plan to offer financial solutions such as loans in the future.

KB Financial Group and Shinhan Financial Group plan to continuously develop the joint investment platform through the Global Green Energy Partnership Fund and expand the scope of renewable energy investments to global markets including Europe and North America.

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