The exits were not the same event
Between 2023 and the spring of 2026, seven international developers changed their position in Korea's offshore wind market. These moves are usually described as a single exodus. Matched against the licence register one by one, they turn out to be three different things.
Four companies genuinely left. Shell disposed of its stake in the MunmuBaram floating projects. On 22 November 2024 the Electricity Regulatory Commission approved the share acquisition at its 306th meeting, and the controlling shareholder became Hexicon Holding. bp entered on 15 February 2023 by acquiring 55 percent of Deep Wind Offshore's Korean portfolio, then formed a joint venture with JERA in December 2024 and left Korea out of it. Corio dissolved its Korean office on 31 March 2026, and TotalEnergies, which held the three Gray Whale projects in equal shares with Corio, wound down the same assets.
One company did not leave but failed to deliver. Equinor's Firefly floating project, 750 MW, was the first floating scheme selected in a Korean auction, in 2024. It then failed to execute the renewable energy certificate purchase agreement within the deadline.
Two companies handed over shares and stayed. RWE passed its Taean and Incheon projects to state-owned generators while retaining the Tongyeong scheme. Northland Power still holds all five of its licences in Yeosu and Jindo, with only press reports that a sale is under review.
| Company | Position in Korea | Outcome |
|---|---|---|
| Shell | MunmuBaram floating 1, 2 and 3 (375 MW each) | Full disposal, Hexicon took over |
| bp | Deep Wind Offshore 55%, four projects up to 6 GW | Korea excluded from the JERA joint venture |
| Corio | Gray Whale, Maenggoldo, Geomundo, Dadaepo, Haeki | Korean office dissolved, assets for sale |
| TotalEnergies | 42.5% of Gray Whale 1, 2 and 3 | Wound down alongside Corio |
| Equinor | Firefly floating 750 MW | REC agreement unsigned, bidding rights restricted |
| RWE | Taean West-Sea, Incheon Hanuibaram, Neulsaem-Ui, Yokji Jwasari | First three released, Yokji Jwasari retained |
| Northland Power | Yeosu Dado 1, 2, 3 and Jindo Bobae 1, 2 (1,832 MW) | Licences held, sale reported under review |
Note. Positions as of April 2026. Capacities are as recorded on the generation licence register and differ from the development targets companies announce. bp's figure of up to 6 GW is the early stage portfolio size the company cited at the 2023 acquisition.
