K2 Management to advise on South Korean floating wind project

Project management consultancy K2 Management (K2M) has been appointed as Lender’s Technical Advisor for the South Korean MunmuBaram floating offshore wind project.

MunmuBaram Co., Ltd, a joint venture of Shell and Hexicon AB, is building the 1.3GW floating offshore wind farm approximately 80km offshore from the city of Ulsan.

K2M will support the project by conducting a bankability assessment and technical due diligence and will engage with lenders for various supporting activities until the financial close.

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An option to extend K2M's advisory support throughout the rest of the project lifetime is also part of the agreement.

Sungwon Jung, country director of South Korea at K2 Management, said: “We look forward to supporting the MunmuBaram project, working closely with lenders, and applying local knowledge to ensure we are well equipped to meet the unique needs of the South Korean market.”

South Korea, home to energy-intensive industries, imports over 90% of energy resources.

Although there has been a significant decrease in coal power generation, coal still represents approximately 34% of the total electricity generation.

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The MunmuBaram project aims to support South Korea's target of becoming carbon neutral by 2050 and tap its offshore wind potential and existing manufacturing base to achieve renewable energy targets.