The company submitted the approval application to the South Korean Ministry of Trade, Industry and Energy in June 2024. Credit: Lance Bellers / Shutterstock.

Swedish clean technology company Hexicon has received approval from the South Korean Electricity Regulatory Commission (KOREC) for the transfer of two out of three electricity business licences (EBLs) for the floating offshore wind project MunmuBaram.

The approval provides Hexicon with the required conditions to finalise the sales and purchase agreement (SPA) signed in February 2024.

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Hexicon had then agreed to take complete ownership of the 1.1GW MunmuBaram floating offshore wind farm from Shell Overseas Investments.

The move will raise Hexicon’s stake from 20% to 100% and boost its project portfolio by 900MW.

Hexicon’s acquisition of all shares in the MunmuBaram project, along with the EBLs, was contingent upon the regulatory approval.

In June, the company submitted the necessary application to the South Korean Ministry of Trade, Industry, and Energy for regulatory approval.

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After almost five months of review, KOREC has approved the transfer of two out of the three EBLs to Hexicon.

The two ensure the project’s viable progression.

The status of the third EBL is still undetermined, and Hexicon is exploring several options.

Hexicon chief executive Marcus Thor stated: “The approval from KOREC is a major milestone for Hexicon, and we are both happy and relieved to receive it.

“Now, we can concentrate on advancing the MunmuBaram project towards auction and establishing a long-term ownership structure for the next, more capital-intensive phase.”

The MunmuBaram project is in its final development stage. The project has met all the requirements for the upcoming floating offshore wind auctions in South Korea, including an approved environmental impact assessment and a transmission service agreement with the Korea Electric Power Corporation.