Hexicon AB has signed a sales and purchase agreement (SPA) to take full ownership of MunmuBaram Co., Ltd. from its joint venture partner Shell Overseas Investments B.V. Under the agreement, Hexicon AB will increase its stake in the project from 20 per cent to 100 per cent, increasing the project portfolio by 900 MW. The completion of the transaction is subject to regulatory approval.
The MunmuBaram project, originally initiated by the joint venture Hexicon Korea in 2018, is developing a 1.125 GW floating offshore wind farm, planned off the coast of Ulsan City in the southeastern region of South Korea. Hexion’s full ownership of the MunmuBaram project is enabled through the support of Glennmont Partners. The commitment in the agreement falls within the existing framework of Hexicon’s Glennmont loan facility. The purchase price for the acquisition will be paid with a first down payment of $5 million. In addition, the SPA includes a profit-sharing arrangement of up to $50 million over a three-year period.
Hexicon is an early project developer in floating wind, opening new markets in deep water areas, and a technology provider with a patented floating wind design. Hexicon operates in several markets across Europe, Africa, Asia, and North America. Hexicon is listed on Nasdaq First North Premier Growth Market (ticker HEXI). Certified Adviser is FNCA Sweden AB.
