BP buys majority stake in 6-GW Korean offshore wind portfolio

Oil-and-gas multinational BP Plc (LON:BP) has entered the South Korean offshore wind market by purchasing a 55% stake in Norway-based Deep Wind Offshore's portfolio of projects in the Asian country.

The duo’s efforts will be devoted to four early-stage offshore wind schemes across the Korean peninsula with a potential capacity of up to 6 GW. The schemes will be developed through a joint venture, BP said on Wednesday.

Permitting for all four projects has already been initiated and wind measurement devices have been installed at the sites. Additional units are planned to be deployed by BP and Deep Wind, with the partners aiming to secure electricity business licences “in the coming period.”

South Korea aims to source close to 22% of its total power from renewable energy sources by the end of the decade. Commenting on the partnership, Matthias Bausenwein, BP’s senior vice president of offshore wind, said: “South Korea is an exceptional market to expand our growing offshore wind footprint."

Deep Wind Offshore has been present in South Korea since 2006 and currently has four offices in the country. BP, meanwhile, has a net offshore wind development pipeline of some 5.2 GW, involving projects in the US and Europe. Last year, it established a JV with Japan’s Marubeni Corp dedicated to offshore wind development in Japanese waters.

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