Through their joint venture in South Korea, Shell and Hexicon have chosen K2 Management (K2M) to serve as the lender’s technical advisor for the MunmuBaram project, which calls for the construction of a 1.3 GW floating wind farm 65 to 80 kilometres off the coast of Ulsan.
The K2 Management will first evaluate the overall project status and determine the project’s viability before performing a thorough technical due diligence on every facet of the project. This will comprise project execution techniques, technology and design, and energy yield assessment, among other things. K2M will also work with lenders on a variety of auxiliary tasks up until the financial closing.
According to K2M, the agreement with MunmuBaram also includes an option for MunmuBaram to continue serving as a Lender’s Technical Adviser for the remainder of the project’s lifecycle, including the supervision of the construction and operating phases.
The 84 Vestas V236-15.0 MW turbines for the 1.3 GW floating offshore wind farm will be built on floating foundations at the project site, which is expected to cover an area of around 240 square kilometres and have water depths between 120 and 150 metres. The MunmuBaram floating wind farm will be built over time and is anticipated to provide up to 4.2 TWh of clean power annually, subject to the final investment decision.
Image source: K2M