Hexicon Korea has signed a sale and purchase agreement with an undisclosed buyer regarding a floating offshore windfarm off the southwest coast of South Korea
The agreement concerns the continued development and operation of the Yeonggwang project, an up to 1.2 GW floating windfarm.
As a result of the deal, Hexicon Korea has sold its 40% stake in the project, receiving a payment of an undisclosed amount. Hexicon Korea is a joint venture (JV) between Hexicon and Korean company Coens Co, in which Hexicon holds 49%.
The undisclosed buyer, a major energy company, will own 100% of the project and assume financial ownership going forward. This reinforces Hexicon’s business model as an early-stage developer.
Hexicon Korea identified and started developing the project in 2020 and has since advanced the site with approvals from Korean authorities, assessments, surveys, and corresponding activities. The project has received approval for ‘occupancy or use permit of public water’ and is now ready for the next phase of development.
Hexicon chief executive Marcus Thor said, “This is a clear example of what our business model looks like in practice.
“We build value for a site, making it ready for long-term investors to take over. This is exactly what we have managed to do in this case.”
