The UK oil and gas company BP has formed a joint venture (JV) with the Norwegian energy company Deep Wind Offshore to develop offshore wind opportunities in South Korea. As part of the agreement, BP has acquired a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio, which includes four projects across South Korea with a potential capacity of up to 6 GW.
The joint venture will enable BP to enter the South Korean offshore wind market through Deep Wind Offshore’s existing presence in the region. BP is currently building its offshore wind presence with a 5.2 GW net capacity pipeline, with projects in the United States and the United Kingdom.
At the end of 2021, offshore wind accounted for less than 1% of South Korea’s installed capacity (136 MW), however the country currently has more than 38 GW of wind projects under development. South Korea has set a target to reach 12 GW of offshore wind capacity by 2030.
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