bp enters South Korea offshore wind market with new joint venture

British oil and gas company bp and Norway-based renewable energy company Deep Wind Offshore have formed a joint venture to explore and develop offshore wind opportunities in South Korea, bp announced on Wednesday.

As part of the agreement, bp acquired a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio, which includes four projects across the Korean peninsula.

The permitting process for the four projects, with a potential generating capacity of up to 6 gigawatts, is currently underway.

South Korea aims to increase its share of renewable energy to 22% by 2030.

‘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,’ said Matthias Bausenwein, bp’s senior vice president of offshore wind.

• British oil and gas company bp