MunmuBaram, a joint venture between Shell (80%) and CoensHexicon (20%), has announced that it has secured an Electricity Business License (EBL) for its 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, a third of the total planned output of 1.3GW of the project. 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 phase(s) and once constructed, expected to generate up to 4.2 terawatt-hour (TWh) of clean electricity every year.