SK Innovation E&S, JB Financial to team up for renewable energy loans

JB Financial Group, SK Innovation E&S and InnerGen sign an MOU to develop loan products for both producers and consumers of renewable energy (Courtesy of SK Innovation E&S) 

JB Financial Group Co., the parent company of Jeonbuk Bank and Gwangju Bank, will join hands with SK Innovation E&S Co. and InnerGen Co. to roll out South Korea’s first secured loan products tailored for companies transitioning to renewable energy.

To launch the loan products, the three companies signed a memorandum of understanding on Monday, said SK Innovation E&S Co. InnerGen is a consulting company focusing on climate change.

The trio will collaborate to offer loans to solar power producers and companies engaged in renewable energy power purchase agreements (PPAs).

They will also provide marketing and consulting services to promote the RE100 initiative — a global campaign encouraging businesses to source 100% of their electricity from renewables.

“The agreement will spur greater participation by solar power developers in the private renewable energy PPA market,” said Lee Jin-mo, head of renewable energy business at SK Innovation E&S.

By Yeonhee Kim

yhkim@hankyung.com

Related Posts

Latest News from Korea

Latest Entertainment from Korea

Learn People & History of Korea