Oil major BP has formed an offshore wind joint venture with Norway's Deep Wind Offshore to develop offshore wind farms in South Korea.
As part of the deal 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.
South Korea is targeting almost 22% of its energy to come from renewable sources by 2030.
Matthias Bausenwein, BP’s senior vice president of offshore wind, 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 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.”
According to BP, the permitting process for the four projects is already underway, having installed wind measurement devices during 2021 and 2022. BP and Deep Wind Offshore will now look to install additional wind measurement systems and secure electricity business licenses in the coming period, BP said.