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K2 Administration (K2M), a number one renewable vitality engineering and venture administration consultancy, has been appointed by MunmuBaram Co., Ltd, a three way partnership between Shell and Hexicon AB, as lender’s technical advisor for the MunmuBaram floating offshore wind venture.
The MunmuBaram JV goals to develop, assemble, and function a 1.3 GW floating offshore wind farm, situated in Southeast Korea between 65 – 80 km offshore from town of Ulsan.
South Korea seeks to develop into carbon impartial by 2050, and is trying to develop its renewable vitality market to attain this goal. Because the nation goes by means of a transitional interval to determine its renewable vitality sources, it has begun to draw among the main builders within the trade who see South Korea as a long-term focus. The nation has huge potential for offshore wind with massive coastal areas and a powerful manufacturing base.
With its bold targets, offshore wind can count on to contribute considerably in the direction of the nation’s vitality transition. On the identical time, the dedication from authorities is substantial, presenting important alternatives because the market matures for South Korea to develop into a key participant in renewable vitality.
On this first stage because the lender’s technical advisor, K2M will help the shopper by reviewing the overall venture standing and conducting a bankability evaluation. Within the second section, K2M will present full technical due diligence in each side of the venture, together with however not restricted to: vitality yield evaluation; know-how and design; and venture execution methods, whereas persevering with to interact with lenders for varied supporting actions till monetary shut.
An choice for additional engagement as a lender’s technical advisor all through the remainder of venture lifetime, together with the monitoring of the development and operation intervals, can be a part of the settlement.
Sungwon Jung, Nation Director of South Korea at K2 Administration, stated: “With the wind vitality trade poised for progress in Korea, K2 Administration’s in depth expertise within the extra mature European offshore market permits us to construct on the numerous technical and building classes discovered. We look ahead to supporting the MunmuBaram venture, working intently with lenders, and making use of native information to make sure we’re effectively outfitted to fulfill the distinctive wants of the South Korean market.”
For extra information and technical articles from the worldwide renewable trade, learn the newest difficulty of Vitality International journal.
Vitality International’s Spring 2023 difficulty
The Spring 2023 difficulty of Vitality International hosts an array of technical articles specializing in offshore wind, photo voltaic know-how, vitality storage, inexperienced hydrogen, waste-to-energy, and extra. This difficulty additionally incorporates a regional report on commodity challenges dealing with Asia’s vitality transition.
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