The Swedish renewable developer Hexicon has secured approval from the South Korean Electricity Regulatory Commission (KOREC) for its acquisition of a controlling stake in a 1,125 MW floating offshore wind project in South Korea. KOREC has thus approved the transfer of two out of three Electricity Business Licences (EBLs) for the MunmuBaram floating wind project, located off Ulsan City. The third EBL is still undetermined at this stage.
In February 2024, Hexicon signed a Sales and Purchase Agreement (SPA) to increase its stake in the MunmuBaram project from 20% to 100%, taking over the share of the UK’s Shell. The SPA was subject to regulatory approvals from South Korea.
At the end of 2023, offshore wind accounted for less than 1% of South Korea’s installed capacity (136 MW). South Korea has set a target to reach 12 GW of offshore wind capacity by 2030.
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