Shinhan Bank Signs Joint Agreement with Australian State Government to Promote Green Hydrogen Production Project

Consortium Formed by Korea Midland Power, LS Electric, Aegis Asset Management, and Elixid

[Asia Economy Reporter Yoo Je-hoon] Shinhan Bank announced on the 23rd that it has formed a consortium with Korea Midland Power, LS Electric, Aegis Asset Management, and Elixid, and signed a business agreement with the Queensland Government of Australia for a green hydrogen mass production pilot project.

The consortium, including Shinhan Bank, and the Queensland Government of Australia will carry out the 'Hydrogen Renewable Energy Park (H-REP)' pilot project in the Queensland region with a budget of 20 million Australian dollars (approximately 18.6 billion KRW) under this business agreement.

H-REP plans to build a 3 MW-class solar power plant and operate an electrolysis facility necessary for green hydrogen production using this electricity, producing 300 kg of green hydrogen per day. The produced green hydrogen will then be sold entirely to local demand sites, conducting a demonstration of the green hydrogen business.

Shinhan Bank will invest in this pilot project and provide financial solutions such as financial advisory, arrangement, and senior loans during the demonstration phase to support stable business development and expansion.

A Shinhan Bank official said, "Through this business agreement, we plan to advance the hydrogen economy, a key future energy source, and pioneer the Australian market, a promising country for clean hydrogen production, together with the consortium," adding, "We will continue to support ESG-related financing and strive to be a bank that leads ESG management and carbon neutrality."

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