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Shell inks renewable energy agreement with South Korean power company

By: Tom Russell 15/03/2022 Shell

Corporate General

Shell Gas & Power Developments B.V. has signed a memorandum of understanding (MoU) with power generation company Korea Southern Power Co., Ltd (KOSPO) for floating offshore wind and renewable energy generation in South Korea.

Under the MoU, the two energy companies will explore collaboration opportunities to contribute to Korea’s energy transition. This could include renewable energy off-take, joint operation and maintenance, and potential business opportunities in renewable-based hydrogen energy powered by MunmuBaram, Shell’s joint-venture floating offshore wind project in Ulsan.

“Shell views offshore wind energy as a key part of a net-zero energy system,” said YoungKyu Ju, MunmuBaram Project Director and Shell Korea Country Chair. “We are excited to collaborate with KOSPO to advance Korea’s renewable energy market and propel the country closer towards its carbon neutral target.”

Seung-Woo Lee, President and CEO of KOSPO said, "This MoU signed with Shell, a global energy leader, will help KOSPO expand our businesses. This will not only help the Korean government achieve the goal of transforming major energy sources but will also put Korea’s world-class shipbuilding and marine engineering business at the core of the floating wind industry.”

MunmuBaram Co., Ltd., a joint venture between Shell (80%) and CoensHexicon (20%), recently announced that it has secured two additional Electricity Business Licenses (EBLs) from the Ministry of Trade, Industry, and Energy to progress its floating offshore wind project off the coast of Ulsan City, South Korea. With the first EBL obtained in November 2021, MunmuBaram now has obtained all the required EBLs to fully develop the 1.3 GW floating offshore wind project in South Korea. It is still subject to future investment decisions.

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Shell inks renewable energy agreement with South Korean power company

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