Shinhan Financial Group said Monday it has dedicated its first chunk of a 240 billion-won fund ($215 million) into a wind turbine project, as part of an ongoing initiative to support the government’s New Deal programs.

The Shinhan Green New Deal Fund was designed to double down investments in the renewable energy sector for the country to achieve sustainable development after the COVID-19 pandemic.

Affiliates of Shinhan Financial Group including Shinhan Bank and Shinhan Life Insurance committed 100 billion won to the fund, while the government and other insurance firms chipped in 36.9 billion won and 105 billion won, respectively.

The first investment was made into an installation of a wind farm with a total capacity of 60 megawatts in Bonghwa-gun in North Gyeongsang Province.

The group offered residents in the area opportunities to purchase 6.4 billion-won worth of bonds tied to the project as a means of profit sharing.

“We will continue to lead the domestic renewable energy market by exploring various investment opportunities related to renewable energy,” the firm said in a statement.

In November last year, the group announced its drive to go carbon neutral by 2050 through adoption of environmentally friendly standards for its investment portfolios and intragroup management. It also was the second Korean financial company in March to join the Value Balancing Alliance, a group of companies developing a valuation standard for monetizing impacts of ESG management.

By Park Han-na (hnpark@heraldcorp.com)