Shell and CoensHexicon have formed a joint venture to build a massive floating offshore wind farm off South Korea.
Located about 65 km off Ulsan City, the 1.4 GW MunmuBaram project is expected to generate up to 4.65-terawatt hour (TWh) of clean energy every year, enough to power more than 1 million homes once it’s completed. The total project site covers approximately 240km 2 with water depths ranging between 120 and 160 meters.
Shell has an 80% stake in the project, while CoensHexicon holds 20%, according to a press release announcing the joint venture.
“With Shell’s long-standing history in South Korea, we are proud to expand our activities into floating offshore wind. Korea’s capabilities in the fabrication of offshore facilities and shipbuilding could play a pivotal role in the development and fabrication of floating offshore wind foundations not only for Korea but also for the region and beyond.” Joe Nai, Shell’s general manager of offshore wind in Asia, said in a statement. “Shell views offshore wind energy as a key part of a net-zero energy system, both in South Korea and globally.”
The joint venture spent the past year collecting data from the floating offshore wind farm project site. In July, a geological survey was conducted and a geotechnical survey is now underway. An application for an Electricity Business License will be submitted this month.
“We are excited to be part of MunmuBaram and to have joined forces with Shell on this exciting project,” CoensHexicon CEO Steve Seo said in a statement. “In addition to the current wind farm, CoensHexicon is also developing new areas in South Korea and looks forward to continue supporting the country’s energy transition where floating wind energy may form a significant share of the renewable energy mix.”
The project works towards South Korea’s goal of increasing domestic renewable energy generation to 20% by 2030 and to become carbon neutral by 2050.