Hexicon raises stake in 1.3-GW floating wind project off Korea

Swedish floating wind specialist Hexicon AB (STO:HEXI) on Wednesday said it is lifting its stake in the 1.3-GW MunmuBaram floating wind project off the south-east coast of South Korea.

Hexicon owns 49% of Hexicon Korea, a joint venture with Korean company COENS and Co, which has hitherto owned 20% of MunmuBaram, giving Hexicon an indirect ownership of slightly below 10%. The Swedish firm is now increasing its direct ownership and buying 20% of the project company from Hexicon Korea. Shell Overseas Investments BV holds the remaining 80% in the project company.

“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,” said Hexicon chief executive Marcus Thor.

In March, Hexicon said that the MunmuBaram project has secured exclusive development rights for its full planned capacity after the award of two additional electricity business licences by the Ministry of Trade, Industry and Energy.

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