MunmuBaram Signs LOI with Ulsan City to Advance Floating Offshore Wind Industry and Regional Growth

(9 September 2025) MunmuBaram Co., Ltd. signed a Letter of Intent (LOI) with the Ulsan Metropolitan City to strengthen cooperation in developing the floating offshore wind industry and supporting 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 750MW floating offshore wind farm currently under development approximately 70 km off the coast of Ulsan. The project team also plans to work closely with local businesses through technology transfer and workforce training initiatives as the project progresses.

This LOI represents more than just a formal agreement—it’s the starting point for deeper collaboration between Ulsan City and MunmuBaram, working together towards a cleaner energy future and real, on-the-ground benefits for the local community.

Marcus Thor, Representative Director of MunmuBaram, remarked:

“MunmuBaram fully supports Ulsan City’s strategic energy ambitions. Through this project, we aim to deliver clean energy while fostering partnerships that bring lasting benefits to the local community.”

Mayor Kim Doo-gyeom of Ulsan City added:

“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.”

MunmuBaram will continue to work closely with stakeholders at all levels to build a strong, sustainable offshore wind ecosystem—and help power Korea’s clean energy transition, together with the industry of Ulsan.