South Korea will be getting a massive 1.4-gigawatt floating offshore wind farm that is capable of powering a million homes! What's even more interesting about this news is that it has something to do with Shell Overseas Investment as well as CoensHexicon.
South Korea to Get 1.4-Gigawatt Floating Offshore Wind Farm
Shell Overseas Investment as well as CoensHexicon have just established a joint venture in order to help fund, develop, and even operate the MunmuBaram. The MunmuBaram is a massive 1.4-gigawatt floating offshore wind farm for South Korea. MunmuBaram is reportedly capable of cowering a massive one million homes.
According to the story by Electrek, the new floating offshore wind farm will be located off of the southeast Korean coast at about 40 and 50 miles from the city of Ulsan. It will reportedly cover an area of about 93 square miles.
Solar Power Offshore Wind Farm
The new floating offshore wind farm will reportedly allow development in larger as well as deeper offshore areas that have higher wind potential. The massive $4.9 billion project, which is now at a feasibility assessment stage, will reportedly be developed in phases. A final investment decision is now expected within the mid-2020s.
Once it is finally constructed, MunmuBaram is expected to be able to generate up to 4.65 TWh of electricity per year. It is also expected to be able to create a whopping 35,000 jobs in South Korea itself. Korean scientists have reportedly been able to create the world's first invisible solar panels which can even be integrated into things like mobile phones!
Shell to Work with CoensHexicon
Shell currently holds a massive 80% stake in MunmuBaram as well as CoensHexicon, which is yet another particular joint venture that is between Hexicon as well as the Korean energy company known as COENS Co which holds the remaining 20% stake. Hexicon is a floating offshore wind power engineering company.
At the end of October 2020, South Korea had just formally committed to reaching its target net-zero emissions by 2050. It also aims to be able to increase clean energy to 20% of the total energy mix by the year 2030. South Korean scientists have also been able to make ultra-thin solar cells so flexible they can easily be wrapped around a pencil.
South Korean Government Plans Green New Deal
A previous article by Power-Technology back in February 2021 noted that the South Korean government planned to build a massive 8.2GW offshore wind facility by the year 2030. The government planned to use a massive investment of KRW48.5 trillion or $43.2 billion USD. This development would then become the world's largest single offshore development when it finishes.
The project reportedly forms a significant component of Moon Jae-in's, the South Korean President, Green New Deal. This particular legislative program started last 2020 and focuses on limiting the country's total dependence on fossil fuels while aiming for carbon neutrality by the year 2050.
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Written by Urian B.