BP buys stake in offshore wind projects in South Korea

• 1 year, 9 months ago (2023-02-16)
• David Flin

Asia 892 Offshore wind 121

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BP has formed a joint venture with Norway’s Deep Wind Offshore , taking a 55 per cent stake in four offshore wind projects in South Korea. The four projects will have a combined generating capacity of 6 GW.

The permitting process for the four projects is underway.

BP and Deep Wind Offshore aim to help South Korea meet its target of sourcing around 22 per cent of its energy from renewable sources by 2030.

Matthias Bausenwein, Senior Vice-President for Offshore Wind for BP said: “South Korea is an exceptional market to expand our growing offshore wind footprint. We are very happy to be working with a partner as strong as Deep Wind Offshore, which has built a strong local team and is developing these projects in collaboration with a variety of Korean stakeholders. We look forward to developing these projects further so we can integrate these electrons in the wider energy system and help the global and South Korean energy transition.”