September 9: Cooperation on the Munmu Baram Project and Building a Renewable Energy Industry Ecosystem
Ulsan City is partnering with a global floating offshore wind power company to advance its ambition of becoming a clean energy hub.
On September 9 at 3:00 p.m., the city will sign a 'Letter of Intent (LOI) for Investment in Ulsan Floating Offshore Wind Power Industry' at the reception room on the 7th floor of the main building of Ulsan City Hall, together with Munmu Baram Co., Ltd., a subsidiary of Sweden's Hexicon.
This agreement ceremony has been arranged to strengthen cooperation for the development of a floating offshore wind power complex in Ulsan, in collaboration with Hexicon, one of the private investors developing the world's largest offshore wind farm off the coast of Ulsan.
Hexicon has reported approximately 120 billion won in foreign direct investment (FDI) and is pushing forward the Munmu Baram project with a total investment of 4.4 trillion won. Currently, the company is developing a 750 MW offshore wind power complex about 70 km off the coast of Ulsan, targeting completion by 2032.
The signing ceremony will be attended by Kim Dookyum, Mayor of Ulsan, Marcus Thor, CEO of Hexicon, and Joo Youngkyu, General Director of the Munmu Baram Project.
The participants will reaffirm their commitment to the successful implementation of the Munmu Baram project and to cooperation in building a future regional renewable energy industry ecosystem.
Under the agreement, Munmu Baram will promote investment for offshore wind power development and make every effort toward completion, while also cooperating in technology transfer and workforce training for local companies.
Ulsan City will provide support to ensure smooth investment in Munmu Baram's Ulsan floating offshore wind power complex project.
The creation of this floating offshore wind power complex through the project is expected to expand the renewable energy infrastructure, contribute to achieving carbon neutrality, and help Ulsan become a leading city in eco-friendly energy.
In addition, Ulsan City is working to strengthen the competitiveness of the regional energy industry and foster new industries in alignment with the government's energy transition, the expansion of renewable energy for carbon neutrality, and the realization of RE100.
Mayor Kim Dookyum stated, "This agreement is expected to make a significant contribution to the realization of Korea's energy transition policy," adding, "We will do our utmost so that Ulsan can become a clean energy hub through cooperation between global companies and the regional industrial sector."
Hexicon is a world-renowned floating offshore wind power company headquartered in Sweden, securing global competitiveness based on its multi-turbine floating platform design technology.
Ulsan City Hall.
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