Offshore wind developer Hexicon Korea has signed a sale and purchase agreement for Yeonggwang Project, a 1.2GW floating wind facility located off South Korea’s south-west coast.

Under the agreement, Hexicon Korea will divest its 40% stake in the project to an undisclosed buyer, who will own 100% of the project and assume its financial ownership going forward.

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

“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 identified and began developing the project in 2020 and has since obtained appropriate approvals from Korean authorities, assessments, surveys and corresponding activities.

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The project has also secured approval for the occupancy or use permit of public water and is now ready for the next phase of development.

Hexicon Korea is a joint venture (JV) created by Swedish offshore wind developer Hexicon and Korean company COENS.

Earlier this year, Hexicon formed a JV company in Greece with local company EAMAA.

The Hexicon Power JV will focus on developing floating offshore wind projects offshore from Greece.

Its creation came ahead of the launch of Greece’s new legal framework for offshore wind this year.

Hexicon created the JV as part of its strategy to become an ‘early-stage developer’ in key markets worldwide by collaborating with partners and local companies.

The company said the project will support Greece’s plan to increase its renewable energy generation capacity through offshore wind parks while reducing its reliance on fossil fuels.