Developing South Korea as a Global Renewable Energy Player

In light of South Korea’s goal to become carbon neutral by 2050, energy leaders have turned to the expansion of the country’s renewable energy market to achieve this target. 

With notable commitment from the South Korean government, its market is continuing to mature in such a way that will see the nation become a key global player in renewable energy. 

As the country embarks on a journey to establish its renewable energy sources, it has begun to attract some of the leading developers in the industry who see South Korea as a long-term focus. The country not only has vast potential for offshore wind with its large coastal areas, but also benefits from a strong manufacturing base that can fundamentally support ambitious renewable energy development. 

The MunmuBaram JV project, situated approximately 80 km offshore from the south-eastern city of Ulsan, set out to develop, construct and operate 1.3GW of new offshore wind capacity. A joint venture of Shell and Hexicon AB, K2 Management was appointed to provide expert advisory across multiple aspects of the development.  

This ambitious project was split into two key stages. The first saw K2 Management act as Lender’s Technical Advisor, supporting the client by reviewing the general project status and conducting a bankability assessment. In the second phase, the K2 Management team provided technical due diligence spanning energy yield assessment, technology and design, and project execution strategies.  

K2 Management is continuing to support the Munmubaram development as a Lender’s Technical Advisor, and will continue to do so throughout the project’s entire lifeline.