Hanwha Asset Management Signs Investment Agreement for Green Infrastructure Fund with Ministry of Environment and Others
Hanwha Asset Management announced on the 29th that it has signed an investment agreement for the "Green Infrastructure Overseas Export Support Fund" (hereinafter referred to as the Green Infrastructure Fund) together with the Ministry of Environment, KIND (Korea Infrastructure & Urban Development Corporation), and Korea Water Resources Corporation.
At the "Green Infrastructure Overseas Export Support Fund Investment Agreement Ceremony" held at the Conrad Hotel in Yeouido the previous day, Hanwha Asset Management disclosed the operation plan of the Green Infrastructure Fund to asset management companies and financial institutions. Hanwha Asset Management was selected as the main operator of the Green Infrastructure Overseas Export Support Fund mother fund and the entrusted operator of the subordinate blind fund by KIND.
The agreement ceremony was attended by Kim Wan-seop, Minister of Environment; Lee Kang-hoon, President of KIND; Yoon Seok-dae, President of Korea Water Resources Corporation; and Kwon Hee-baek, CEO of Hanwha Asset Management, who celebrated the signing of the investment agreement.
The Green Infrastructure Fund was promoted to activate overseas investment in the green industry sector through government-led fund formation in response to the rapid expansion of the global green market. A total fund of 400 billion KRW will be raised through government investment (300 billion KRW) and private investment (100 billion KRW) to support investments by green industry export companies. According to KIND, the fund management specialist institution, subordinate funds will be formed by mixing blind funds and project funds until 2028.
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The investment targets are businesses that can promote green transition, such as the rapidly growing circular economy (e.g., recycling of waste batteries), carbon reduction (e.g., landfill gas power generation, biogas production), and water industry. The business period of the mother fund to be raised this month is 5 years (2024?2028), and it will be operated for a total of 30 years. Next month, private investment attraction and the formation of the first subordinate fund will proceed, and investments are expected to begin as early as October.
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