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Shinhan Bank joins forces with LS Electric for green energy push

Jin Ok-dong (left), CEO of Shinhan Bank, and Koo Ja-kyun, chairman of LS Electric, pose after signing an agreement to collaborate on green energy projects, Friday in Seoul. (Shinhan Bank)
Jin Ok-dong (left), CEO of Shinhan Bank, and Koo Ja-kyun, chairman of LS Electric, pose after signing an agreement to collaborate on green energy projects, Friday in Seoul. (Shinhan Bank)
South Korea’s leading commercial bank Shinhan Bank announced Sunday that it has signed an agreement to carry out green energy projects with electric parts producer LS Electric. Through the partnership, the two companies will work together to support alternative energy projects involving solar power, energy storage systems and fuel cells.

The banking firm and manufacturing firm will build a platform to offer financing services for small and medium-sized companies working with conglomerates in the green energy segment.

“Based on its expertise in the smart energy sector utilizing alternative energy sources, the company has been fostering distributed energy generation businesses,” said an official from LS Electric. “LS will try to share business opportunities with the bank and expand its presence in the energy field.”

Distributed energy generation is a type of electrical generation that involves deploying a range of small devices linked to the main grid.

The partnership, in line with the government's Green New Deal policy, will help to establish infrastructure for alternative energy resources, the bank said.

By Kim Young-won (wone0102@heraldcorp.com)
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