• Doosan Heavy Industries takes huge loan as government pushes it to become a “green energy” company

    Date posted:

    • Post Author

      Patrick Lavery

      Combustion Industry News Editor

South Korea’s Doosan Heavy Industries and Construction is to borrow 1 trillion won (US$808 million/€720 million) in ‘liquidity support’ as it struggles under the impact of the country’s policy shift away from coal and nuclear power. The latest assistance comes after the company submitted a plan in late April to raise more than 3 trillion won to ‘normalise operations’, through asset sales, capital raising and cost reductions. Part of that will also include a reorganisation of the business to focus on gas firing technology and renewables, as well as hydrogen production, as Business Korea reports. In stronger language, The Korea Times website states that in “accepting the plan, the government said Doosan Heavy will abandon its coal-fired and nuclear power plant businesses and ‘morph’ into a green energy company.”