Shell Overseas Investment and CoensHexicon have established a joint venture to fund, develop, and operate MunmuBaram, a 1.4-gigawatt floating offshore wind farm for South Korea. MunmuBaram will be capable of powering over 1 million homes.
The floating offshore wind farm will be located off the southeast Korean coast, between 40 and 50 miles (65 and 80 km) from the city of Ulsan. It will cover an area of approximately 93 square miles (240 square km).
Floating offshore wind farms allow development in larger and deeper offshore areas with higher wind potential.
The $4.9 billion project, which is currently at a feasibility assessment stage, will be developed in phases. A final investment decision is expected in the mid-2020s.
Once constructed, MunmuBaram is expected to generate up to 4.65 TWh of electricity annually. It’s expected to create a whopping 35,000 jobs in South Korea.
Shell holds an 80% stake in MunmuBaram, and CoensHexicon, which is yet another joint venture between Hexicon, a floating offshore wind power engineering company, and Korean energy company COENS Co, holds the remaining 20% stake.
At the end of October 2020, South Korea formally committed to reaching net-zero emissions by 2050. It also aims to increase clean energy to 20% of its total energy mix by 2030.
Read more: South Korea’s $95B ‘New Deal’ is anchored in EV investment
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