Shell aims to sell its majority stake in the Munmu Baram floating project in South Korea. The project is being developed by Shell and Hexicon, with Shell holding an 80% stake in the project.
The Munmu Baram floating project has a capacity of 1125MW, which will consist of an estimated 84 turbines. The project is part of a Joint Venture in which Shell has an 80% stake. The Joint Venture was established on September 1, 2021, and the project received its first EBL in November 2021. Furthermore, Vestas was selected as the preferred supplier for turbines on November 29, 2022, with plans to use the Vestas V236-15.0MW turbine model. There have been indications that Shell has somewhat shifted its focus away from offshore wind projects, as the company has been withdrawing from floating projects in markets like France and Ireland. Several factors, such as the lengthy permitting process and cost inflation in the industry, may be contributing reasons for the company’s withdrawal from the South Korean market.
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