Hexicon has increased its ownership stake in the 1300MW MunmuBaram floating offshore wind project in South Korea.
The Hexicon Korea joint venture between Hexicon and Korea’s COENS & Co has up until now owned 20% of MunmuBaram – corresponding to an indirect ownership for Hexicon of just below 10% before the transaction.
Hexicon is now increasing its direct ownership and buying 20% of the project company, with the remaining 80% owned by Shell Overseas Investments B.V.
Hexicon CEO Marcus Thor said: “This is a significant event for Hexicon as we strengthen our position as a world-leading project developer of floating wind.
“The MunmuBaram Project stands out in our portfolio with its size and maturity, and increasing our ownership signals our commitment and belief in the project.
“All in all, this puts us in a strategically advantageous position for future returns.”
The MunmuBaram project off the south-east coast of South Korea is one of the biggest planned floating wind farms in the world.