Hexicon increases ownership in floating wind project in South Korea
Aug. 4, 2022
The MunmuBaram project off the southeast coast of South Korea is one of the biggest planned floating wind farms in the world and is set to play a significant role in the global development of commercial scale floating wind.
Courtesy Hexicon
Offshore staff
STOCKHOLM, Sweden —The MunmuBaram project off the southeast coast of South Korea is one of the biggest planned floating wind farms in the world and is set to play a significant role in the global development of commercial scale floating wind.
As a project developer, Hexicon said it continues to position itself in the emerging sector of floating offshore wind by increasing its share in the MunmuBaram Project. Formally established in 2019, it is targeting to be the world’s first large-scale floating wind project.
Hexicon Korea, a JV between Hexicon and Korean company COENS & Co where Hexicon holds 49%, has up until now owned 20% of MunmuBaram—corresponding to an indirect ownership for Hexicon of just below 10% before the transaction. Hexicon is now increasing its direct ownership and buying 20% of the project company, which is owned by Shell Overseas Investments B.V., which holds the remaining 80%.
