SK Innovation to secure 800 billion won in green loans to invest in overseas battery plants
SK Innovation to secure 800 billion won in green loans to invest in overseas battery plants
  • Lee Jun-sung
  • 승인 2019.08.16 10:59
  • 댓글 0
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SK Innovation’s EV battery cell plant in Seosan, South Chungcheong Province. (Image source = SK Innovation)

 

SK Innovation said on Aug. 15 that it has started borrowing funds from countries such as the U.S., Europe, and China to secure overseas production bases for its battery and separation membrane businesses that are being fostered as new growth engines.

The amount of borrowing is worth 800 billion won, including $620 million and 500 million yuan. It plans to secure funds by next year and use them as investment funds to build electric vehicle battery plants in the U.S. and Hungary and separation membrane production plants in China and Poland.

SK Innovation will be the first South Korean company to raise funds through green loan. Analysts say that LG Display can be recognized for its eco-friendly business if it finances green loan for investments in electric vehicle batteries and separation membrane, which is a major material for batteries.

Unlike bond, green loan is able to make split withdrawals and manage funds depending on the investment situation.

Green financing will be used to finance eco-friendly business projects and infrastructure projects such as renewable energy, electric vehicles and energy efficiency. Although it takes time to pass the certification process and the obligation of post-management arises, social responsibility can be implemented by investing in companies that can contribute to solving environmental problems.

SK Innovation is currently building its plants in Georgia, the U.S. and Hungary. If it starts commercial operation in 2022, it will have a 40GWh battery production capacity, including in South Korea.

China's Changzhou plant and Komarom 1 plant in Hungary, which will be completed at the end of this year, are scheduled for commercial production in the first half of next year.

"The successful procurement of green loan is the result of the recognition of SK Innovation's value and growth as an eco-friendly future business for its battery and separation membrane products," said an official at SK Innovation. "We will continue to create social and economic values simultaneously based on the original competitiveness of our business."


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