Shell Overseas Investment B.V. and CoensHexicon Co. have established a joint venture to develop and operate a 1.4-gigawatt floating wind project off the southeast coast of South Korea.
Shell controls an 80 percent stake in the MunmuBaram joint venture, and CoensHexicon, a joint venture between Hexicon and Korean company COENS Co, controls the remaining 20 percent stake.
The project, which is currently at a feasibility assessment stage, is located between 40 and 50 miles from the city of Ulsan, South Korea. MunmuBaram will be capable of powering more than 1 million homes.
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.
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 percent of its total energy mix by 2030.