Swedish floating wind developer Hexicon and Shell have signed an settlement beneath which Hexicon will purchase Shell’s 80 per cent stake within the MunmuBaram floating wind undertaking. As soon as the transaction is closed, Hexicon, which at the moment holds the remaining 20 per cent stake, will absolutely personal the South Korean undertaking.
Underneath the settlement, Hexicon pays the acquisition value for the acquisition with a primary down cost of USD 5 million (roughly EUR 4.6 million). As well as, the deal features a profit-sharing association of as much as USD 50 million (approx. EUR 46 million) over a three-year interval.
Hexicon says the acquisition of full possession within the MunmuBaram undertaking is enabled by way of the assist of the European clear vitality infrastructure fund Glennmont Companions and that the dedication within the settlement falls throughout the present framework of Hexicon’s Glennmont mortgage facility.
The transaction between Shell and Hexicon is topic to regulatory approval and is anticipated to be accomplished later this yr.
“South Korea continues to be a number one market with good situations for the event of floating offshore wind. By way of this transaction, South Korea stays a core marketplace for Hexicon and strengthens our place as a number one world developer of floating offshore wind,” stated Marcus Thor, CEO of Hexicon AB.
MunmuBaram is a floating offshore wind farm proposed to be constructed within the southeastern area of South Korea, between 65 and 80 kilometres off the coast of Ulsan Metropolis.
The offshore wind farm is deliberate to characteristic Vestas’s 15 MW wind generators beneath a most popular provider settlement the three way partnership signed with the Danish wind turbine producer in 2022. The settlement was signed for 84 wind generators, making up for a complete put in capability of 1,260 MW. In its press launch asserting the acquisition of full undertaking possession, Hexicon states the undertaking’s put in capability to be 1,125 MW.
In March 2022, the MunmuBaram three way partnership acquired two Electrical energy Enterprise Licenses (EBLs) from South Korea’s Ministry of Commerce, Trade, and Power for the undertaking, securing all of the EBLs required to develop the floating offshore wind farm absolutely.
In August final yr, MunmuBaram signed a non-binding memorandum of understanding (MoU) with Ulsan GPS, a subsidiary of SK Fuel, which is constructing a LNG·LPG mixed cycle energy plant in Ulsan with a complete energy technology capability of 1,122 MW. Underneath the MOU, topic to future funding selections, Ulsan GPS and MunmuBaram will enter a long-term offtake settlement for the electrical energy produced by the floating offshore wind farm.
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