BP and Deep Wind Offshore have formed a joint venture to develop offshore wind opportunities in South Korea.
As part of their agreement, BP has acquired a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio, which includes four projects across the Korean peninsula with a potential generating capacity of up to 6GW.
The JV will see BP enter the South Korean offshore wind market through Deep Wind Offshore’s existing presence in the region.
This includes a team in four offices around the country, and a strong history in South Korea since 2006 through its owner Knutsen Group, which is currently one of the biggest clients to the Korean yards in the shipbuilding segment.
BP itself has a 40-year history in the country, including sizeable oil and LNG trading activities and its Castrol lubricants business.
South Korea is targeting almost 22% of its energy to come from renewable sources by 2030 and is expected to become a leading offshore wind region, BP said.