Busan − MunmuBaram Co., Ltd., a joint venture (JV) between Shell (80%) and CoensHexicon (20%), announced that it has secured an Electricity Business License (EBL) for its floating offshore wind project off the coast of Ulsan, South Korea. The EBL from the Ministry of Trade, Industry and Energy grants the JV exclusive development rights to progress 420-megawatt (MW) of wind energy, a third of the total planned output of 1.3-gigawatt (GW) of the project. This is the first time that Shell and CoensHexicon have received exclusive development rights for offshore wind projects in Asia.

“Acquiring the Electricity Business License is a key enabler for the MunmuBaram floating offshore wind project which could, if realized, provide renewable power to over 1 million Korean households," said YoungKyu Ju, the Project Director of MunmuBaram. "MunmuBaram will continue to communicate and cooperate with various stakeholders, including the local fishermen community and relevant organizations in Ulsan."

Since 2019, MunmuBaram has been carrying out the groundworks such as the wind data measurement campaigns. In September, MunmuBaram was the first floating offshore wind developer in South Korea to successfully complete a geotechnical and geophysical surveys.

Following the award of the EBL, MunmuBaram will continue to progress the floating offshore wind project development through Environmental Impact Assessment (EIA), marine traffic survey, cultural heritage inspection survey and other activities. Subject to future investment decisions, MunmuBaram project will be developed in phase(s) and once constructed, expected to generate up to 4.2 terawatt-hour (TWh) of clean electricity every year.

Notes to editors

  • MunmuBaram Co., Ltd.: ‘MunmuBaram’ is a joint venture between Shell and CoensHexicon with the aim to develop and operate, subject to final investment decision, up to a 1.3 GW floating offshore wind project, located offshore South-East Korea, between 65 and 80 km from the city of Ulsan, South Korea. Stakes in the ‘MunmuBaram’ JV are held by Shell (80%) and CoensHexicon (20%). For more information, visit www.munmubaram.com.