Hanwha Group has clinched a 5 trillion won ($4.4 billion) commitment from the Korea Development Bank to finance its environmental, social and governance efforts over the next five years, the company said Wednesday.

According to South Korea’s seventh-largest conglomerate, the money will be used to acquire and operate eco-friendly solar and hydrogen businesses, as well as to invest in facilities.

“Hanwha Group will prepare the next decade as the green energy leader by advancing its green energy business models and developing next-generation technologies,” said Hanwha Solutions President and CEO Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn.

The agreement was signed in Jincheon, North Chungcheong Province, at Hanwha Q Cells’ solar cell and module factory. Hanwha Q Cells is Hanwha Solutions’ solar unit, and the Jincheon factory is the country’s first to join Renewable Energy 100, a global initiative to source electricity generated 100 percent from renewables, according to Hanwha Group.

At the ceremony, Hanwha Group and the KDB further agreed to create an ESG fund worth 100 billion won within this year to support small and midsized companies with promising green technologies.

By Kim Byung-wook (kbw@heraldcorp.com)