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Hexicon takes full ownership of a 1,125 MW floating wind project in South Korea

The Swedish energy company Hexicon has signed a Sales and Purchase Agreement (SPA) to take full ownership of the 1,125 MW MunmuBaram floating offshore wind project, located off the coast of Ulsan City, in South Korea. Under the agreement, Hexicon will increase its stake in the project from 20% to 100%, taking over the share of the UK’s Shell. 

Hexicon will thus increase by 900 MW its portfolio in the MunmuBaram project, which was originally initiated by the joint venture Hexicon Korea in 2018. The purchase price for the acquisition will be paid with a first down payment of US$5m. In addition, the SPA includes a profit-sharing arrangement of up to US$50m over a three-year period. 

At the end of 2022, 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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