Swedish floating wind pioneer Hexicon is increasing its stake in the Shell-led MunmuBaram joint venture that plans to build a 1.3GW project off the coast of Ulsan in South Korea.

Hexicon is buying the 20% stake in the project company previously held by the Hexicon Korea joint venture, in which Hexicon holds 49%, and Korean company Coens the remaining 51%.

That means that Hexicon, which currently has an indirect ownership of just below 10%, after the transaction will hold a direct stake of 20% in the MunmuBaram project, with Shell Overseas Investments keeping the remaining 80%.