Hexicon has announced that the South Korean Electricity Regulatory Commission (KOREC) has approved the transfer of two out of three Electricity Business Licenses (EBLs) for the floating offshore wind project MunmuBaram. With this approval, Hexicon has the necessary conditions to complete the Sales and Purchase Agreement (SPA) signed in February.
Hexicon’s acquisition to take over all the shares in the MunmuBaram project with the EBLs was subject to regulatory approval. Therefore, Hexicon submitted, in June, the required application to the South Korean Ministry of Trade, Industry, and Energy (MOTIE) for such regulatory approval. Following a nearly five-month review process, KOREC has now approved the transfer of two out of the three EBLs to Hexicon. The third EBL is undetermined at this stage, and Hexicon is currently considering various options.
The MunmuBaram project is in the late development stage. With an approved Environmental Impact Assessment and a Transmission Service Agreement with KEPCO (Korea Electric Power Corporation), the project has met all requirements for the upcoming floating offshore wind auctions in South Korea.
