Stockholm-based floating offshore wind developer Hexicon is increasing its direct ownership of a planned 1.3 GW MunmuBaram project off the southeast coast of South Korea.
The MunmuBaram JV project is one of the biggest planned floaters in the world being developed by Shell with an 80% stake and Hexicon Korea, a joint venture between Hexicon and Korean company COENS & Co, holding the remaining 20%.
Hexicon holds 49% in the JV and has up until now indirectly owned just below 10% of MunmuBaram. The Swedish developer is now increasing its direct ownership and is buying 20% of the project company from the joint-venture Hexicon Korea for an undisclosed sum.
“This is a significant event for Hexicon, as we strengthen our position as a world-leading project developer of floating wind. The MunmuBaram Project stands out in our portfolio with its size and maturity, and increasing our ownership signals our commitment and belief in the project. All in all, this puts us in a strategically advantageous position for future returns”, said Marcus Thor, CEO of Hexicon.
