Hexicon increases its ownership in South Korea floating wind project

4C Offshore | Tom Russell
By: 04/08/2022 Hexicon

Hexicon is increasing its share in the
MunmuBaram Project, a large-scale floating wind project proposed for South Korean waters.

Hexicon Korea, a JV between Hexicon and Korean company COENS & Co where Hexicon holds 49 percent, has up until now owned 20 percent of the MunmuBaram project company – corresponding to an indirect ownership for Hexicon of just below 10 percent before the transaction.

Hexicon is now increasing its direct ownership and buying 20 percent of the project company from the joint-venture Hexicon Korea. The remaining 80 percent interest in the project company is owned by Shell Overseas Investments B.V

“This is a significant event for Hexicon, as we strengthen our position as a world-leading project developer of floating wind. The MunmuBaram Project stands out in our portfolio with its size and maturity, and increasing our ownership signals our commitment and belief in the project. All in all, this puts us in a strategically advantageous position for future returns”, said Marcus Thor, CEO of Hexicon.

In 2019, the consortium of the Shell and Hexicon Korea signed a Memorandum of Understanding with the Metropolitan City of Ulsan for the development of a floating offshore wind farm 65-80 km off the coast of Ulsan.

The first of three EBLs was granted to Shell and Coens-Hexicon in November 2021 for 420 MW of the project. The remaining two EBLs were granted in March 2022. The entire MunmuBaram project is expected to have a total capacity of 1.3 GW.