Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Hanwha Group, KDB to cooperate in green energy sector
Hanwha Group headquarters in central Seoul / Courtesy of Hanwha Group
By Anna J. Park
By Anna J. Park
Hanwha Group and Korea Development Bank (KDB) signed an agreement Wednesday to cooperate in green energy and financing projects worth 5 trillion won ($4.5 billion) over the next five years.
According to Hanwha Group, the signing ceremony was held on Wednesday afternoon at Hanwha Solutions' Jincheon plant, located in the country's interior North Chungcheong Province.
KDB Chairman Lee Dong-gull and Hanwha Solutions CEO and President Kim Dong-kwan ― the eldest son of Hanwha Group Chairman Kim Seung-youn ― attended the joint signing ceremony, along with incumbent CEOs of Hanwha Group's other subsidiaries related to green energy, including Hanwha Energy, Hanwha Power Systems and Hanwha Engineering & Construction.
“Hanwha Group aims to advance into the next decade as a global green energy leader through elaborating green energy business models as well as developing energy technologies of the next generation,” Hanwha Solutions CEO Kim Dong-kwan said at the ceremony.
He also highlighted that Hanwha Group's footsteps in the green energy sector will be accompanied by the joint growth of local small- and medium-sized companies, strengthening the country's green energy business landscape.
Hanwha Group has been focusing extensively on expanding its green and renewable energy businesses, including solar and hydrogen energy, by actively pursuing mergers or acquisitions and engaging in research and development on a global scale. Planning to invest up to 9 trillion won over the next five years, the group has conducted a paid-in capital increase and issued sustainability bonds.
The partnership with KDB is part of the state-run bank's cooperation programs with local enterprises to nurture low-carbon and eco-friendly energy sectors. The joint effort is expected to boost the group's long-term development initiative in the global energy sector.