MunmuBaram, a joint venture between Shell and CoensHexicon, has secured an Electricity Business License (EBL) for its floating offshore wind project off the coast of Ulsan, South Korea.
The EBL from the Ministry of Trade, Industry, and Energy grants the JV exclusive development rights to progress 420-megawatt (MW) of wind energy, a third of the total planned output of 1.3-gigawatt (GW) of the project. CoensHexicon is a JV between Hexicon and Korean company COENS Co, where Hexicon holds 49%. Shell owns 80% in MunmuBaram, with CoensHexicon holding the remaining 20%.
Marcus Thor, CEO of Hexicon, a company developing twin floating wind turbine technology, said: "In connection with our Q3 report, I highlighted that the EBL for the MunmuBaram floating offshore wind project was expected within weeks and it feels great to now see it realized”
"The EBL is an important milestone for the project, one that our eyes were set on from the outset when planning the developments in early 2019 and reflects a true team effort across our respective organizations. The project, once constructed, has the possibility to power more than 1 million Korean households.”
Since 2019, MunmuBaram has been carrying out the groundwork such as the wind data measurement campaigns. In September, MunmuBaram was the first floating offshore wind developer in South Korea to successfully complete a geotechnical and geophysical survey.
Following the award of the EBL, MunmuBaram will continue to progress the floating offshore wind project development through Environmental Impact Assessment (EIA), marine traffic survey, cultural heritage survey, and other activities. Subject to future investment decisions, MunmuBaram project will be developed in phase(s) and once constructed, expected to generate up to 4.2 terawatt-hour (TWh) of clean electricity every year.