March 9 (Renewables Now) - The 1.3-GW MunmuBaram floating offshore wind project in South Korea 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, one of the investors, Swedish firm Hexicon AB (STO:HEXI), said Monday.
The project secured its first licence, for 420 MW, in November 2021. It will now progress towards obtaining a grid connection agreement. “This can happen already this year, well ahead of the planned fabrication start,” said Hexicon chief executive Marcus Thor.
The MunmuBaram project off the coast of Ulsan is a joint venture (JV) between Royal Dutch Shell (AMS:RDSA) with an 80% stake and CoensHexicon Co Ltd with 20%. The latter is a 49/50 JV between floating wind company Hexicon and South Korea’s Coens Co Ltd.
Work on the project has been underway since 2019 and has seen the completion of geotechnical and geophysical surveys. The developers are now working on the Environmental Impact Assessment (EIA), marine traffic survey, cultural heritage survey and other activities. Upon completion, the wind farm is to produce 4.2 TWh a year.