SOUTH KOREA – Shell Gas & Power Developments B.V. has signed a memorandum of understanding (MoU) with Korea Southern Power Co., Ltd (KOSPO) to collaborate on floating offshore wind and renewable energy opportunities for the country’s energy transition.

The collaboration could include renewable energy off-take, joint operation and maintenance, and potential business opportunities in renewable-based hydrogen energy powered by the MunmuBaram project.

MunmuBaram Co., Ltd., a joint venture between Shell (80%) and CoensHexicon (20%), secured an Electricity Business License (EBL) for its floating offshore wind project off the coast of Ulsan, South Korea in November 2021. The EBL grants the joint venture exclusive development rights to develop 420 MW of wind energy, a third of the total planned output of the 1.3 GW project.

”Shell views offshore wind energy as a key part of a net-zero energy system,” said YoungKyu Ju, MunmuBaram Project Director and Shell Korea Country Chair. ”We are excited to collaborate with KOSPO to advance Korea’s renewable energy market and propel the country closer towards its carbon neutral target.”

MunmuBaram project, which is subject to future investment decisions, would be a significant development towards South Korea’s Renewable Energy 3020 Plan. The aims to increase domestic renewable energy generation to 20% of the energy mix by 2030.  and will assist in meeting South Korea’s ambition to become carbon neutral by 2050, Shell said in a media release.

”This MoU signed with Shell, a global energy leader, will help KOSPO expand our businesses,” said Seung-Woo Lee, President and CEO of KOSPO. “This will not only help the Korean government achieve the goal of transforming major energy sources but will also put Korea’s world-class shipbuilding and marine engineering business at the core of the floating wind industry.”

Source: Shell; offshoreWIND.biz