An 80:20 joint venture between Shell and CoensHexicon has secured an electricity business license (EBL) for the first 420MW phase of the MunmuBaram floating offshore wind project off the coast of Ulsan, South Korea.
The EBL from the Ministry of Trade, Industry and Energy grants the JV exclusive development rights to progress 420MW of wind energy.
This is one-third of the total 1.3GW output planned for the project, the developers said.
The award is the first time that Shell and CoensHexicon have received exclusive development rights for offshore wind projects in Asia.
The MunmuBaram JV has been carrying out the groundworks, such as the wind data measurement campaigns, since 2019.
In September, the JV said it was the first floating offshore wind developer in South Korea to successfully complete a geotechnical and geophysical surveys.
Following the award of the EBL, MunmuBaram will continue to progress the floating offshore wind project development through an environmental impact assessment (EIA), marine traffic survey, cultural heritage inspection survey and other activities.
Subject to future investment decisions, MunmuBaram will be developed in phases and once constructed it is expected to generate up to 4.2 terawatt-hours of electricity every year.
MunmuBaram project director YoungKyu Ju said: “Acquiring the electricity business license is a key enabler for the MunmuBaram floating offshore wind project which could, if realised, provide renewable power to over 1 million Korean households.
“MunmuBaram will continue to communicate and cooperate with various stakeholders, including the local fishermen community and relevant organizations in Ulsan.”