BP and Deep Wind Offshore have formed a joint venture to develop offshore wind opportunities in South Korea
As part of their agreement, BP will enter Deep Wind Offshore’s early-stage offshore wind portfolio, which includes four projects on the Korean peninsula with a potential generating capacity of up to 6 GW.
South Korea is targeting almost 22% of its energy to come from renewable sources by 2030 and is expected to become a leading offshore wind region.
The joint venture will see BP enter the South Korean offshore wind market through Deep Wind Offshore’s existing presence in the region. This includes a team in four offices around the country, and a strong history in South Korea since 2006 through its owner Knutsen Group, which is currently one of the biggest clients to the Korean yards in the shipbuilding segment.
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 licences in the coming period.
BP senior vice president of offshore wind Matthias Bausenwein said, “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 South 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 Korean energy transition.”
Deep Wind Offshore country manager Korea and programme director for the JV Ho Keun Song said, “We are extremely excited about partnering with BP to help realise our quality portfolio of projects in Korea.
“There is a great fit between our highly competent development team and the execution capabilities in the areas of procurement and engineering in BP.
“We look forward to integrating our teams to realise the projects in a sustainable manner, in close collaboration with local stakeholders to bring both renewable electricity to the country at the same time as we bring opportunities to local supply chain and communities.”
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