Marubeni, BP join hands in Japanese offshore wind partnership

Oil-and-gas multinational BP Plc (LON:BP) and Japan’s Marubeni Corp (TYO:8002) have struck a deal to set up a joint venture (JV) dedicated to offshore wind development in Japan.

The new entity will be formed under a wider cooperation agreement between the two companies, the Tokyo-based trading group said today. The pact calls for the duo to explore opportunities for offshore wind deployment and potentially assess options for the development of other decarbonisation schemes, including hydrogen.

BP Alternative Energy Investments, a BP subsidiary, will hold a 49% interest in the offshore wind JV. The company said separately it will join an offshore project of Marubeni by acquiring a 49% stake in the scheme. The agreement is pending merger control clearance.

Marubeni is the developer of the 140-MW Akita Noshiro offshore wind scheme off the sites Akita and Noshiro in Akita prefecture. The 33-turbine complex is set to become Japan’s first large-scale commercial offshore wind park.

BP, meanwhile, has a net offshore wind development pipeline of more than 5 GW, involving projects in the US and the UK. Following the agreement with Marubeni, the oil and gas major will have local presence in Tokyo.

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