Kim & Chang advised Shell Overseas Investment B.V. (“Shell”) and CoensHexicon Co., Ltd. (“CoensHexicon”) on their formation of an 80:20 joint venture to develop a 1.4GW floating offshore wind power project off the coast of Ulsan, Korea.  

This transaction marks a major milestone for the global energy transition as traditional energy supermajors such as Shell continue to enhance their renewable power assets, and also signals the strength of Shell’s collaboration with CoensHexicon (itself a joint venture between Swedish floating wind technology pioneer Hexicon and Korea’s COENS Co.).  The combined technological expertise and offshore capabilities of the Shell-CoensHexicon tie-up (christened MunmuBaram) is well-positioned to take advantage of Korea’s increasingly renewables-friendly regulatory environment and strong shipbuilding, manufacturing and maritime construction sectors.  

Kim & Chang’s cross-practice deals team combined market-leading understanding of renewable energy regulations and maritime issues with Korea’s preeminent M&A practitioners to provide holistic advice on all aspects of the joint venture, which could potentially power more than one million Korean homes with clean energy.