Hexicon Korea has signed a sale and purchase agreement with an undisclosed energy company regarding the entire Yeonggwang Project, a floating offshore wind project off the south-west coast of South Korea.
Hexicon Korea thereby sells off its 40 percent stake in the project, receiving a payment of an undisclosed amount. Hexicon Korea is a joint venture (JV) between Hexicon and Korean company Coens Co, where Hexicon holds 49 percent. The signed agreement concerns the continued development and operations of the Yeonggwang Project, an up to 1,200MW floating offshore wind project. The undisclosed buyer will own 100 percent of the project and assume financial ownership going forward. Hexicon Korea identified and started developing the project in 2020 and has since advanced the site with appropriate approvals from Korean authorities, assessments, surveys, and corresponding activities. The project has received approval for “occupancy or use permit of public water” and is now ready for the next phase of development.
