Floating wind pioneer Hexicon sells stake in gigascale Korea project to mystery ‘energy major’

Swedish company exercises early-stage developer model via sale to unnamed buyer of interest in 1.2GW Yeonggwang array, after development passes ‘occupancy of public water’ milestone.

Floating wind pioneer Hexicon has inked a deal with a mystery ‘major energy company’ for its stake in the giant 1.2GW Yeonggwang project off South Korea.

Through the agreement, Hexicon Korea, joint venture with Coens Co, will sell its 40% share of the giant development for an “undisclosed amount” to the unnamed buyer, which will assume full control and financial ownership of the project.

“As an early-stage developer of floating offshore wind projects, this is a clear example of what our business model looks like in practice,” said Hexicon CEO Marcus Thor.

“We build a profound value for a site, making it ready for long-term investors to take over at any given time. This is exactly what we have managed to do in this case, reaching yet another milestone in Hexicon’s journey.”

Hexicon Korea started developing Yeonggwang in 2020 and has since advanced the site with “appropriate approvals from Korean authorities”, according to the company, including “assessments, surveys, and corresponding activities”.

Thor said with project winning approval for “occupancy or use permit of public water” it was now “ready for the next phase of development”.