Hexicon’s MunmuBaram, Ulsan City Ink Floating Offshore Wind LOI

The developer behind the MunmuBaram floating offshore wind farm in South Korea has signed a Letter of Intent (LOI) with the Ulsan Metropolitan City to strengthen cooperation in developing the floating offshore wind industry and support regional economic growth.

Under the agreement, Ulsan City will foster a supportive environment to encourage investment and project execution, while MunmuBaram will continue its investment in the 750 MW floating wind project currently under development approximately 70 kilometres off the coast of Ulsan, said the company.

The project team also plans to work closely with local businesses through technology transfer and workforce training initiatives as the project progresses.

“This agreement is expected to play a significant role in advancing Korea’s energy transition. We will do our utmost to ensure that Ulsan grows into a clean energy hub through close cooperation between global companies and the local industry,” said Kim Doo-gyeom, Mayor of Ulsan City.

In February 2024, Hexicon became the sole owner after buying Shell’s stake in the 750 MW floating offshore wind farm.

The project is set to be built in waters 120-150 metres deep, covering an area of 160 square kilometres.

Last year, MunmuBaram received the final approval of the environmental impact assessment and signed the transmission service agreement (TSA) with KEPCO.

In July 2025, the developer signed a memorandum of understanding (MoU) with the Ulju Fishery Committee to carry out a fishery impact survey as part of its project development.

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