The MunmuBaram project
MunmuBaram
MunmuBaram is a floating offshore wind power project set to be deployed in waters 120–150 meters deep, 65 kilometers off the coast of Ulsan. The project will have a total generation capacity of 750 MW once operational, covering an area of 160km².
Location
The MunmuBaram project is located off the coast of Ulsan, which offers deep waters and strong wind.
A project with multiple benefits
Energy Security
MunmuBaram strengthens South Korea’s energy security with reliable, locally generated offshore wind power. By reducing reliance on imports and stabilising prices, it supports a resilient, self-sufficient energy future.
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South Korea relies heavily on imported energy, leaving it exposed to global market volatility and supply risks. Enhancing energy security by diversifying sources and boosting domestic production is a growing national priority.
Floating offshore wind is emerging as a powerful tool in this transition. By harnessing consistent wind resources far from shore, these projects can deliver reliable, locally produced electricity. MunmuBaram—a 750 MW floating wind project off the coast of Ulsan—contributes to this effort by offering a stable, renewable power source that reduces reliance on fossil fuel imports.
While independently developed, MunmuBaram aligns with broader national goals for energy resilience and self-sufficiency, helping to build a more secure and sustainable energy system.
Secures Renewable Targets
The MunmuBaram Project, designed to generate up to 750 MW of electricity, will play a crucial role in securing South Korea’s long-term energy supply and achieving carbon neutrality.
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South Korea's Renewable Energy 3020 Plan aims to raise the renewable energy share from 6.2% in 2017 to 20% by 2030, requiring an additional 16.5GW of onshore and offshore wind capacity.
South Korea’s 10th Basic Plan for Electricity Supply and Demand includes at least 14.3GW of offshore wind capacity by 2030. As a result, floating offshore wind power has emerged as a key solution for achieving carbon reduction targets.
Brings Local Value
MunmuBaram prioritizes mutual growth with the Ulsan community by partnering with local businesses and ensuring stakeholders benefit from the floating offshore wind project.
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Expanding Domestic Business Participation
Since the early stages of the project, MunmuBaram has maintained an Approved Vendor List (AVL), creating opportunities for South Korean companies to engage in the floating wind power industry. This initiative spans multiple sectors, including shipbuilding, material supply, design, training, vessel operations, and maintenance.
Community-Driven Maintenance Vessel Construction Project
The floating wind farm’s maintenance vessels will operate for approximately 20 years, creating opportunities for local businesses, residents, and fishermen to participate in the project and benefit from its revenue.
Internal & External Training Programs
In 2022, MunmuBaram, in collaboration with the Ulsan Supply Chain Committee and the South Korean Ministry of Employment and Labor, launched an intensive eight-week (240-hour) training program in floating offshore wind. The program aims to develop local expertise and enhance professional capabilities within South Korea’s offshore wind industry.
Safety Day & Maritime Safety Enhancements
MunmuBaram organizes Safety Day events with project partners and local fishermen to promote safety awareness. Additionally, the project has enhanced safety measures by upgrading equipment for small, chartered vessels and fishing boats, providing a safer working environment for all maritime activities.
MunmuBaram plays
a crucial role in achieving carbon neutrality
As global momentum for renewable energy accelerates, South Korea is scaling up its ambitions through landmark plans like RE 3020 and the 10th Basic Plan for Electricity Supply and Demand, highlighting floating offshore wind as a critical path toward a low-carbon future.
The world needs to increase the share of renewable energy to
20% by 2030
South Korea’s wind power targets are
14.3 GW by 2030
South Korea aims to become completely
Net Zero by 2050
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According to the 2023 Net Zero Roadmap Report from the International Energy Agency (IEA), the global expansion of renewable energy and electrification will contribute to reducing greenhouse gas emissions. Renewable energy generation, particularly from solar and wind power, is expected to increase substantially, with its share in electricity generation rising from 30% in 2022 to approximately 90% by 2050.
In 2017, the South Korean government announced the Renewable Energy 3020 (RE 3020) Plan. The plan aims to increase the share of renewable energy from 6.2% in 2017 to 20% by 2030. To achieve this goal, an additional 16.5GW of onshore and offshore wind capacity is required—a nearly 12-fold increase compared to 2018 levels of 1.4GW.
South Korea’s 10th Basic Plan for Electricity Supply and Demand includes at least 14.3GW of offshore wind capacity by 2030. As a result, floating offshore wind power has emerged as a key solution for achieving carbon reduction targets.
Project Timeline
The MunmuBaram project is currently undergoing regulatory approval procedures required for offshore wind farm construction. In 2024, the major project milestone includes completion of Phase 1 of the Geotechnical Investigation, final approval of the Environmental Impact Assessment (EIA), and signing the Transmission Service Agreement (TSA) with KEPCO.
Major Project Milestones
Phase 1 of Geotechnical Investigation
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In September 2021, MunmuBaram completed the first phase of the Geotechnical Investigation which assesses the geological and geotechnical conditions of the seabed and coastal areas.
It is an essential phase in offshore wind farm development and other construction projects. The survey is conducted to analyze seabed geology and soil characteristics, evaluate ground strength and stability, and assess risks related to seismic activity and subsidence.
Approval of Environmental Impact Assessment
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In August 2024, MunmuBaram received final approval of the Environmental Impact Assessment (EIA).
The ElA is a comprehensive study that evaluates the potential ecological and socio-economic effects of constructing and operating an offshore wind farm. The process includes communication with stakeholders such as local government, residents, and fishing communities to develop strategies that minimize environmental impacts.
Transmission Service Agreement (TSA)
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In September 2024, MunmuBaram signed a Transmission Service Agreement (TSA) with Korea Electric Power Corporation (KEPCO).
The TSA is a contract that enables the connection of electricity generated by the wind farm to the power grid. This agreement assesses the impact of grid integration and ensures the necessary transmission infrastructure for the electricity generated by the wind farm.
For offshore wind farms, transmitting generated power to onshore grids is crucial, making the TSA a vital component of the project.
Complete Project Timeline
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March 2026
MunmuBaram signs an Memorandum of Understanding (MOU) with Korea East-West Power(EWP).
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September 2025
MunmuBaram signs an Memorandum of Understanding (MOU) with Ulsan city
October 2025
MunmuBaram signs an Memorandum of Understanding (MOU) with SK Oceanplant
November 2025
MunmuBaram completes Marine Traffic Safety Examination (MTSE)
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February 2024
Hexicon AB enters into a Sale and Purchase Agreement (SPA) with Shell to take 100% ownership of the MunmuBaram project.
April 2024
MunmuBaram signs an Memorandum of Understanding (MOU) with the Fishermen’s Countermeasures Committee and the Ulsan Suhyup (National Federation of Fisheries Cooperatives) to cooperate on offshore wind developments in Ulsan.
June 2024
Hexicon AB submits an application to South Korean authorities to take over the Electricity Business Licenses (EBL) for the MunmuBaram project.
August 2024
The Environment Impact Assessment (EIA) is approved by the South Korean Ministry of Trade, Industry and Energy (MOTIE).
September 2024
MunmuBaram signs a Transmission Service Agreement (TSA) with Korea Electric Power Corporation (KEPCO).
November 2024
The Korean Electricity Regulatory Commission (KOREC) approves Hexicon’s application to take over two of the three Electricity Business Licenses (EBL) for the MunmuBaram project.
December 2024
Hexicon AB finalizes the Sale and Purchase Agreement (SPA) with Shell, taking full ownership of the MunmuBaram project.
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August 2023
MunmuBaram signs a long-term fixed-price purchase MOU for Renewable Energy Certificates (REC) with Ulsan GPS.
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February 2022
The South Korean Ministry of Trade, Industry and Energy approves the N5 & N6 Electricity Business Licenses (EBLs).
March 2022
MunmuBaram signs a MOU with Korea Southern Power (KOSPO) for a joint development of Floating Offshore Wind.
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August 2021
The MunmuBaram Joint Venture (JV) is established .
September 2021
The Radio Wave Impact Assessment (RWIA) is initiated.
Phase 1 of the Geotechnical Investigation is completed.
November 2021
The N4 Electricity Generation License (EBL) is approved by the South Korean Ministry of Trade, Industry, and Energy (MOTIE).
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July 2020
MOU is signed with the Ulsan City and the Ulsan Fisheries Association (Ulsan FC).
August 2020
Coexistence MOU is signed with Ulsan FC
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CoensHexicon and Shell signs a Joint Development Agreement (JDA) and concluded a Memorandum of Understanding(MoU) with Ulsan city for the establishment of a floating offshore wind power project.
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The MunmuBaram project is initiated by CoensHexicon, a joint venture between Hexicon AB and a South Korean partner in the energy sector.
Stages of Project Development
FAQs
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The MunmuBaram project is owned by Munmu Baram Co., Ltd., a subsidiary of Hexicon AB. Hexicon AB is a floating offshore wind investment and development company based in Stockholm, Sweden. Hexicon AB oversees the investment, development, and operation of the MunmuBaram project.
In 2019, Shell and Hexicon AB signed a joint development agreement for the MunmuBaram project. In February 2024, Hexicon AB acquired full ownership of the project.
Through the MunmuBaram project, Hexicon AB contributes to South Korea’s renewable energy transition and strengthens its position as a leading developer of floating offshore wind technology.
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The project is currently undergoing regulatory approval procedures required for offshore wind farm construction. In 2024, the project signed a Transmission System Agreement (TSA) with tha Korea Electric Power Corporation (KEPCO) and received Environmental Impact Assessment (EIA) approval from the South Korean Ministry of Trade, Industry, and Energy (MOTIE).
Additional permits and assessments are underway, including the Maritime Traffic Safety Examination (MTSE) and Radio Wave Impact Assessment (RWIA).
The upcoming phase of the project includes the Front-End Engineering Design (FEED) process for all project components, such as floating structures, mooring lines, offshore and onshore substations, and cables.
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Offshore wind turbines consist mainly of a turbine, tower, and substructure. Offshore wind technology can be classified into two types based on the form of the substructure.
Fixed offshore wind power is built on foundations directly placed on the seabed in shallow waters, while floating offshore wind power positions the turbines on floating platforms, allowing deployment in deeper waters.
The floating wind platforms are securely anchored to the seabed using mooring lines, preventing the wind turbine from drifting away due to currents or winds.
Compared to traditional fixed offshore wind technology, floating offshore wind technology offers better utilization of wind resources and greater flexibility in site selection far out at sea.
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The development of a wind power project follows the Electric Utility Act, requiring a power generation business license before proceeding with necessary permits and approvals. To obtain this license, wind measurement data must be collected for about a year.
After securing the license, various permitting processes are needed to be completed, including Environmental Impact Assessment (EIA), Transmission Service Agreement (TSA), and construction plan approvals. Once these are completed, construction begins.
Currently, the MunmuBaram project has completed the EIA and signed a TSA. The remaining project permits and approvals for construction are being processed sequentially.
The construction of a wind farm typically follows these steps:
Design and fabrication of floating substructures
Installation of connection components between the wind turbine tower and floating substructure, as well as the nacelle and blades on top of the tower
Transportation and installation of floating structures and wind turbines at the offshore site.
Installation of offshore and onshore substations and construction of transmission lines to connect to the substation.
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The wind energy generated in a floating offshore wind farm is converted into electrical energy through wind turbine generators. The generated electricity is transmitted to the offshore substation through internal network cables at a voltage of 66kV.
At the offshore substation, the voltage is stepped up to 275kV before being transferred to the onshore substation via subsea cables. The onshore substation further increases the voltage to 345kV before transmitting it through power transmission lines to KEPCO’s substation. Finally, the electricity is integrated into the national power grid and supplied to end consumers.
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MunmuBaram has built a strong, sustainable relationship with the Ulsan community, prioritizing coexistence and shared economic growth. MunmuBaram encourages local business participation across various project phases, from construction to operations.
A key pillar of MunmuBaram’s community engagement is its support for resident-led maintenance vessel construction projects. By integrating local stakeholders into the supply chain and maintenance processes, the project not only strengthens the regional maritime industry but also creates long-term employment opportunities.
Additionally, MunmuBaram is committed to cultivating a skilled workforce for South Korea’s expanding offshore wind sector. In collaboration with the Ministry of Employment and Labor and Ulsan’s educational institutions, the project offers specialized training programs that equip workers with expertise in floating offshore wind technology.
Through these initiatives, MunmuBaram is developing a highly trained local workforce, positioning Ulsan as a leading hub for offshore wind energy innovation on both a national and global scale.
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To minimize the impact on local communities and industries, MunmuBaram has maintained continuous communication and cooperation with the Offshore Wind Countermeasure Committee, along with other fishermen’s associations and stakeholders.
During the installation of wind measurement equipment, the MunmuBaram project team consistently communicated and assured local fishermen about the project’s necessity, the efforts to minimize community impact, and the mutual benefits. As a result, an agreement was reached, and successful wind measurements were conducted over a year.
Building on this successful cooperation, MunmuBaram will continue to engage with local fishermen to minimize community impact and maximize mutual benefits throughout the entire construction process.
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When a floating offshore wind farm is established, its floating structures and mooring lines create habitats, shelters, spawning grounds, and feeding areas for fish and marine life. Several offshore wind farms, including Jeju Tamla Offshore Wind in South Korea and the Goto Floating Offshore Wind Farm in Japan, have reported increased fish diversity, population growth, and higher fishery yields.
Furthermore, to minimize the environmental impact of floating offshore wind farm construction, MunmuBaram conducted an Environmental Impact Assessment (EIA) and received final approval from the Ministry of Trade, Industry, and Energy (MOTIE) in August 2024. More than environmental surveys, the assessment included social and health impact evaluations, adhering to the enhanced standards of the Environmental and Social Health Impact Assessment (ESHIA).
MunmuBaram is aware of the project's impact and the value of harmonious coexistence with the local community and the marine environment.
Learn more about the company
MunmuBaram Co., Ltd. was established as a Joint Venture between Hexicon Group and Shell. In 2024, Hexicon Group took full ownership of the company.
Learn more about floating wind power
Floating offshore wind power is a renewable energy technology that utilises strong and consistent wind further offshore.