Vestas selected as preferred supplier for the 1.3 GW MunmuBaram floating offshore wind project in South Korea

SINGAPORE,Nov. 29,2022 -- Offshore wind energy is rapidly expanding to all parts of the world and advancements within floating foundations enable offshore wind power to serve new markets. In many countries,especially the Asia Pacific region,floating wind is considered a crucial driver to achieve their renewable energy goals,because of regional geographic characteristics and weather conditions,such as deep coastal waters and frequent earthquakes and typhoons,don't favour offshore wind turbines on conventional bottom-fixed foundations.

(From third from left) YoungKyu Ju,Project Director of MunmuBaram,Joe Nai,General Manager,Offshore Power APAC,Shell,Purvin Patel,President of Vestas Asia Pacific,Srdan Cenic,Country Manager of Vestas Korea & Vice President,Head of Sales Offshore of Vestas Asia Pacific

With the introduction of the V236-15.0 MW wind turbine,Vestas is playing a leading role in the expansion of offshore wind,and as a next step of our journey in offshore wind,Vestas is proud to announce that MunmuBaram,a joint venture between Shell and HEXICON AB,has named Vestas as the preferred turbine supplier for the 1.3 GW MunmuBaram floating offshore wind project in South Korea.

If the project materialises,Vestas will supply and install 84 units of the V236-15.0 MW turbine for the project,located off the south-east coast of South Korea. The turbines will be installed on floating foundations in the project area of approximately 240km2 with water depths ranging between 120 and 150 metres. This will mark the first announced large-scale floating offshore project for Vestas,and the first announced project of V236-15.0 MW for installation on floating foundations.

"We are honoured to have been selected as preferred supplier for the MunmuBaram floating offshore wind project and the trust that the customers placed in Vestas. We are excited to engage in this innovative project that spearheads the global offshore wind industry and underlines our ambition to partner with customers and suppliers to make floating offshore wind energy profitable,scalable,and serviceable. Vestas continues its ambition to be a leader in offshore wind and we remain committed to contribute to South Korea's clean energy target,in close partnership with our customers,"says Purvin Patel,President of Vestas Asia Pacific.

"Vestas will open a new frontier of offshore wind by providing our V236-15.0 MW turbines as the best solutions for this milestone floating project. We will deliver the unparalleled competitiveness of Vestas' technology combined with our experience in floating wind project execution to strengthen our customers' business case for the project. As the largest announced floating project world-wide,MunmuBaram will place South Korea as a leading country in floating offshore wind",says Srdan Cenic,Head of Sales Offshore of Vestas Asia Pacific.

"Large-scale turbines will make floating offshore wind projects more economically feasible by improving the yields. For stable operation of large-scale turbines,the integration with floating foundations (floaters) is essential." said YoungKyu Ju,the Project Director of MunmuBaram. He added,"This agreement will help develop a competitive floating offshore wind business model by optimising Vestas' 15MW turbines with locally produced floaters. We look forward to help Korea's offshore wind industry grow through the successful development of commercial-scale floating offshore wind project."

With this project,MunmuBaram and Vestas are together taking a leading role in South Korea's offshore wind industry development and bringing the country one step closer to achieving its Net-Zero emissions goal.

Once installed,Vestas will also deliver 20-year service and maintenance for the wind farm. Through establishing a dedicated local service organisation,Vestas will contribute to local job creation and provide high-level training for offshore service technicians.

Vestas has installed more than 8 GW or more than 1,500 offshore turbines globally,and Vestas has also installed turbines on floating foundations for over a decade including projects off the coasts of Scotland and Portugal. The MunmuBaram project is Vestas' third partnership with Shell,following to the 730 MW Borssele III/IV offshore wind project in the Netherlands,and the Atlantic Shores' 1.5 GW offshore wind project in the USA which will also feature V236-15.0 MW turbines.

If and when the agreement with MunmuBaram project materialises in a firm order for Vestas,Vestas will disclose the order in a company announcement in accordance with the company's disclosure policy.

For media inquiries,please contact:

Megumi Sakuma

Marketing & Communications Manager,Vestas Asia Pacific

mgskm@vestas.com

Tel: +81 90 6723 5325

About Vestas

Vestas is the energy industry's global partner on sustainable energy solutions. We design,manufacture,install,and service onshore and offshore wind turbines across the globe,and with more than 160 GW of wind turbines in 88 countries,we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 140 GW of wind turbines under service,we use data to interpret,forecast,and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers,Vestas' more than 28,000 employees are bringing the world sustainable energy solutions to power a bright future.

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About MunmuBaram Co.,Ltd.

'MunmuBaram' is a joint venture between Shell and HEXICON AB to develop,construct,and operate a 1.3GW floating wind farm,located offshore South-East Korea,between 65 and 80 km from the city of Ulsan,South Korea. Stakes in the 'MunmuBaram' JV are held by Shell (80%) and HEXICON AB (20%).

For more information,visit www.munmubaram.com.