Shell Plans South Korea Wind Project

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Royal Dutch Shell plans to build a 1.4 GW floating offshore wind farm in deep waters off the coast of South Korea. Shell has set up a joint venture with local developer CoensHexicon to develop the project, which is currently at the feasibility stage. The MunmuBaram joint venture will be 80% owned by Shell and 20% by CoensHexicon. European oil companies, including Equinor and TotalEnergies, are interested in South Korea's floating offshore potential (NE Feb.11'21). The country is on their radar screen because it has good deepwater wind conditions and is pursuing plans to increase the share of renewable power in its energy mix. Earlier this year, President Moon Jae-in backed a floating wind farm project of up to 6 GW -- which would meet half of the national target for offshore wind capacity of 12 GW by 2030. The power generated would be used to make green hydrogen. The project involves a combined 36 trillion won ($32 billion) in public and private investment. As a start, the government has pledged to invest over 1.4 trillion won by 2025.

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