South Korea aims to raise renewablesâ 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.
South Korea
MunmuBaram
MunmuBaram is a joint venture between Shell and Hexicon Korea. 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 âfor the project. The project aims to be a commercially scaled floating âwind 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. It currently continues to progress the project development through Environmental Impact Assessment (EIA), marine traffic survey, cultural heritage survey and other activities. Subject to future investment decisions, the MunmuBaram-project will be developed in phases, and once constructed, expected to generate up to 4.2 terawatt-hour (TWh) of clean electricity every year.
Yeonggwang
During the third quarter of 2022, Hexicon Korea sold its 40% stake in 1,200 MW Yeonggwang project.
Hexicon identified and started developing the project in 2021 and has since advanced the site with appropriate approvals from Korean authorities, assessments, surveys and corresponding activities. The project is located 55 kilometers off the coast of Yeonggwang, outside of the Anma island. It covers an area of approximately 240 km2 with water depths ranging between 62 and 75 meters, making it potentially suitable for both fixed and floating technology. The project has received approval for âoccupancy or use permit of public waterâ and is now ready for the next phase of development.
