‘MunmuBaram’, a joint venture (JV), is formally established by Shell Overseas Investments B.V. and CoensHexicon Co., LTD. with the aim to develop and operate a 1.4GW floating offshore wind project off the south-east coast of South Korea.
Stakes in the ‘MunmuBaram’ JV are held by Shell (80%) and CoensHexicon (20%). The project, which is currently at a feasibility assessment stage, is located between 65 and 80 kilometres from the city of Ulsan South Korea. The total project site covers an area of approximately 240km2 with water depths ranging between 120 and 160 metres. Subject to future investment decisions, MunmuBaram project will be developed in phase(s) and once constructed, expected to generate up to 4.65TWh of clean energy every year.