bp and Deep Wind Offshore have formed a joint venture to develop offshore wind opportunities in South Korea. As part of their 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.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 highly capable 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. Today, bp has a 40-year history in the country, including sizeable oil and LNG trading activities and its Castrol lubricants business.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 and Deep Wind Offshore have formed a joint venture to develop offshore wind opportunities in South Korea. As part of their 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.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 highly capable 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. Today, bp has a 40-year history in the country, including sizeable oil and LNG trading activities and its Castrol lubricants business.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.
