Shell Exits Wind Investment Selling South Korea Project to Partner Hexicon

Shell has become the latest major to retreat from its earlier plans for investments in offshore wind development agreeing to sell its majority position in one of South Korea’s largest projects. Investing in the project in 2021, Shell said at the time it viewed offshore wind energy as a key part of a net-zero energy system, but more recently it has sold its investments in wind in favor of other portions of the business.

Under the agreement announced today, Shell will sell its 80 percent stake in South Korea’s MunmuBaram project to partner Hexicon, an early project developer in floating wind, based in Sweden. Hexicon reports that the acquisition is being made possible with support from Glennmont Partners, one of Europe’s largest infrastructure funds focused on clean energy. The company will draw on its loan facility with Glennmont initially paying Shell $5 million to take 100 percent ownership of the MunmuBaram joint venture. The agreement also provides for up to $50 million over three years in profit sharing for Shell.

View entirety: The Maritime Executive