Shinhan Bank, Korea Midland Power, LS Electric, Aegis Asset Management, and Elekseed have formed a partnership and entered into a business agreement with the Queensland Government of Australia to launch a pilot project for the commercial generation of green hydrogen.
Through this agreement, the consortium in which Shinhan Bank has a stake will work with the Queensland State Government to implement the ‘H-REP (Hydrogen Renewable Energy Park)’ pilot project in Queensland, Australia, investing a total of AUD 20 million.
H-REP proposes to construct a solar power plant with a capacity of 3MW (megawatts), and utilize this power to run the water electrolysis facilities required for green hydrogen production, resulting in 300Kg of green hydrogen each day. It will then be confirmed that the green hydrogen business is legitimate, and the created green hydrogen will be marketed exclusively to local consumers.
In the future demonstration stage, Shinhan Bank will invest in this pilot project and provide financial products such financial advising, brokerage, and senior financing in order to steadily support the development and expansion of the firm.