BUSAN, South Korea – MunmuBaram Co. Ltd., a joint venture between Shell (80%) and CoensHexicon (20%), has secured an electricity business license (EBL) for its floating wind project offshore Ulsan, South Korea.
The EBL from the Ministry of Trade, Industry and Energy grants the joint venture exclusive development rights to progress 420 MW of wind energy.
This is the first time that Shell and CoensHexicon have received exclusive development rights for offshore wind projects in Asia.
MunmuBaram aims to develop and operate a 1.3-GW floating wind project between 65 and 80 km (40 and 50 mi) from Ulsan.
The company said it will progress the project through environmental impact assessment, marine traffic survey, cultural heritage inspection survey, and other activities.
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 complete geotechnical and geophysical surveys.