MunmuBaram, a joint venture between Shell and CoensHexicon, has secured an Electricity Business License (EBL) for its floating offshore wind project off the coast of Ulsan, South Korea.
The EBL from South Korea’s Ministry of Trade, Industry, and Energy grants MunmuBaram exclusive development rights to progress 420 MW of wind energy, a third of the total planned output of 1.3 GW of the project located between 65 and 80 kilometres from the city of Ulsan.
This is the first time that Shell and CoensHexicon have received exclusive development rights for offshore wind projects in Asia, the companies said.
”Acquiring the Electricity Business License is a key enabler for the MunmuBaram floating offshore wind project which could, if realized, provide renewable power to over 1 million Korean households,” said YoungKyu Ju , the Project Director of MunmuBaram.
”MunmuBaram will continue to communicate and cooperate with various stakeholders, including the local fishermen community and relevant organizations in Ulsan.”
Since 2019, MunmuBaram has been carrying out the groundworks such as wind data measurement campaigns. In September, MunmuBaram was the first floating offshore wind developer in South Korea to successfully complete geotechnical and geophysical surveys, the company said.
Following the award of the EBL, MunmuBaram will continue to progress the floating offshore wind project development through Environmental Impact Assessment (EIA), marine traffic survey, cultural heritage inspection survey, and other activities.
Subject to future investment decisions, MunmuBaram project will be developed in phases and, once constructed, it is expected to generate up to 4.2 terawatt-hour (TWh) of electricity every year.
Shell controls an 80 per cent in the JV, with CoensHexicon owning the remaining 20 per cent stake.