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GS Holdings on Thursday announced that it is creating an Asia Clean Energy Fund in partnership with the Asia Development Bank (ADB). The ACE Fund will be committed to developing new renewable energies and ways to increase energy efficiency for developing countries in Asia.
GS Holdings and ADB will jointly invest in and manage the fund. GS hopes the project will help extend its environmentally-friendly energy business into overseas markets.
The fund, estimated as at least W100 billion (US1$=W992), will be established next month, and GS Holdings and its affiliates and ADB will participate as the key investors.
The ACE Fund will focus on developing alternative energies and energy-saving projects, as their importance grows as the prices of fossil fuels continue to soar.
(englishnews@chosun.com )
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