Hexicon secures majority stake in 1.1 GW MunmuBaram wind project

Swedish clean technology company Hexicon has secured approval from the South Korean Electricity Regulatory Commission (KOREC) for the transfer of two of three electricity business licenses (EBLs) for the 1.1 GW MunmuBaram floating offshore wind project. This approval fulfils a key condition for finalizing the sale and purchase agreement (SPA) signed in February 2024 with Shell Overseas Investments, enabling Hexicon to acquire full ownership of the project.

The acquisition increases Hexicon’s stake in MunmuBaram from 20% to 100%, boosting its project portfolio by 900 MW. The approved EBLs allow the project to progress, with the status of the third EBL still pending as Hexicon explores options for its transfer.

Hexicon CEO Marcus Thor noted, “The approval from KOREC is a major milestone for Hexicon. We can now focus on advancing the MunmuBaram project towards auction and establishing a long-term ownership structure for the next phase.”

The MunmuBaram project, now in its final development stage, has met all prerequisites for South Korea’s floating offshore wind auctions. These include an approved environmental impact assessment and a transmission service agreement with the Korea Electric Power Corporation.