JP Morgan mulls $1bn Korea green fund(3)

The New York-based firm has reportedly signed a letter of intent with the South Korean economy ministry to invest in green assets in the Asian country.

JP Morgan Asset Management is reportedly seeking to raise $1 billion fund looking at making green investments in South Korea.

According to various reports, the Wall Street firm has signed a letter of intent with the country’s  economy ministry on raising the funds.

JP Morgan would raise 60-70 percent of the funds from Korean investors. The rest would be raised from international investors.

Target assets would be Korean companies and projects in environment-friendly technologies and infrastructure, such as solar power, light emitting diodes and green cars.