BP and Deep Wind Offshore signed an agreement on Feb. 14 to jointly develop offshore wind in South Korea. (Source: BP)
BP and Deep Wind Offshore have agreed to jointly develop offshore wind in South Korea, BP announced in a Feb. 15 press release.
As part of the joint venture, BP has acquired a 55% stake in Deep Wind Offshore’s offshore wind portfolio, with four projects potentially generating up to 6 gigawatts (GW) offshore Korea.
The companies are currently looking to progress the projects by securing permits and electricity business licenses, having already installed wind measurement devices in 2021 and 2022. Additional wind measurement systems will also be installed as the projects develop.
This is BP’s first venture into the South Korean offshore wind market, leveraging expectations that the region will become a leader in offshore wind and the country’s target of 22% of its energy coming from a renewable source by 2030.
“South Korea is an exceptional market to expand our growing offshore wind footprint,” said Matthias Bausenwein, BP senior vice president of offshore wind. “We are very happy to be working with a partner as strong as Deep Wind Offshore, which has managed to build a strong local team and develop these projects in collaboration with a variety of Korean stakeholders. We look forward to developing these gigawatts further so we can integrate these electrons in the wider energy system and help the global and South Korean energy transition.”
This joint venture with Deep Wind adds to BP’s existing U.S. onshore wind portfolio totaling 1.7 GW capacity. BP is also currently building a 5.2 GW net capacity pipeline and offshore projects in the Irish Sea and North Sea, as well as offshore United States on the East Coast.