South Korea aims to raise renewables’ share to 20% by 2030 and up to a striking 42% by 2034, the ambition is to become carbon neutral by 2050. South Korea is focusing on expanding solar and wind power. By 2025, it aims to install 42.7 gigawatts of new solar and wind energy. Hexicon is present in South Korea together with its local partner via the joint venture Hexicon Korea.
South Korea
Fast developments in the South Korean market
MunmuBaram
MunmuBaram is a joint venture between Shell and Hexicon. In 2022 the project was granted all 3 Electricity Business Licenses (EBLs) by the Ministry of Trade, Industry and Energy to progress development towards the target of 1,300 MW output for the project. The project aims to be a commercially scaled floating wind farm and deliver clean and affordable power to millions of Korean households.
Since 2019, the MunmuBaram-project has been carrying out the groundworks such as the wind data measurement campaigns. In September 2021, MunmuBaram was the first floating offshore wind developer in South Korea to successfully complete the geotechnical and geophysical surveys needed. The project continues its accelerated development both on the technical and permitting fronts. Subject to future investment decisions to be held in the first half of the 2020’s, the MunmuBaram-project is expected to generate up to 4.2 terawatt-hour (TWh) of clean electricity every year for multiple decades.
Vestas has been selected as the preferred turbine supplier for the MunmuBaram project. The agreement includes the supply of turbines as well as a 20-year service and maintenance agreement.
Pohang
Pohang is a 800MW ~ 1,000MW project owned by HexiconKorea(60%) and Korea Local Companies(40%). EWS is a subsidiary of Hexicon Korea and is a special purpose vehicle for the Pohang Offshore Wind Project in Korea.
The Pohang project is split into two areas Gyeongsangbuk-do & Gyeongsanbuk-do. Located 16.7km and 32km from the coast, the water depth is 94m and 273m respectively. Fabrication and Installation is expected in Q2 2025. The Pohang project has the capacity to power 800 000 – 1,000 000 homes.
