Hexicon and MunmuBaram, in partnership with Ulsan City, sign a letter of intent for our floating website project
In a significant step forward for South Korea's renewable energy sector, MunmuBaram has signed an agreement with the South Korean Fishery Authority to conduct a wind farm impact study for its offshore wind project. This project, located in waters 120-150 metres deep and covering an area of 160 square kilometres, is currently under development off the coast of Ulsan.
Under the agreement, MunmuBaram will collaborate closely with local businesses through technology transfer and workforce training initiatives. The purpose of the impact study is not detailed, but it is clear that the company is committed to minimising any potential negative effects on the local fisheries.
In a statement, Kim Doo-gyeom, Mayor of Ulsan City, expressed his expectation that the agreement will advance Korea's energy transition and grow Ulsan into a clean energy hub. He also highlighted that Ulsan City will foster a supportive environment for investment and project execution.
The agreement is not a condition for any specific approval or agreement, but it does follow the final approval of the environmental impact assessment that MunmuBaram received last year. In July 2025, the company also signed a memorandum of understanding (MoU) with the Ulju Fishery Committee to carry out a fishery impact survey as part of its project development.
It is worth noting that the project team plans to work closely with local businesses, a move that aligns with the company's commitment to fostering sustainable growth in the region. This collaboration is also reflected in the company's recent acquisition of Shell's stake in the project, with Ocean Winds becoming the sole owner in February 2024.
MunmuBaram has also signed a transmission service agreement (TSA) with KEPCO last year, another crucial step towards the successful execution of the project. The project's developer remains optimistic about the future, with plans to continue its investment in the 750 MW floating offshore wind project.
The South Korean Fishery Authority's role in the study is not detailed beyond agreeing to it, and the study does not appear to involve other parties beyond MunmuBaram and the South Korean Fishery Authority. The study does not seem to be related to any specific timeline or phase of the project, and the outcome or expected results are not disclosed.
In conclusion, the wind farm impact study and the cooperation with Ulsan Metropolitan City mark a significant milestone in MunmuBaram's offshore wind project. The company's commitment to minimising any potential negative effects on the local fisheries, fostering sustainable growth, and collaboration with local businesses are commendable steps towards a cleaner and more sustainable future for South Korea.
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