Hexicon buys out Shell in 1.1GW South Korean project


February 23, 2024

Floating wind developer Hexicon has agreed to buy Shell’s 80% stake in the 1.1GW MunmuBaram scheme in South Korea.

The companies have been developing the project off the coast of Ulsan City in South Korea since 2018, but Shell has now exited the project. Hexicon’s commitment to grow its stake to 100% is backed by its existing loan facility with Glennmont Partners.

Marcus Thor, chief executive at Hexicon, said: “South Korea continues to be a leading market with good conditions for the development of floating offshore wind. Through this transaction, South Korea remains a core market for Hexicon and strengthens our position as a leading global developer of floating offshore wind.”

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