BP and Deep Wind Offshore have entered into a partnership to develop offshore wind in South Korea.
The duo has formed a joint venture to explore opportunities in the offshore wind.
Under the agreement, “BP has acquired a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio,” the companies said, adding that the portfolio consists of four projects.
The projects spread across the Korean peninsula have a potential generating capacity of up to 6GW.
As per the local reports, the “joint venture will see BP enter the South Korean offshore wind market through Deep Wind Offshore’s existing presence in the region.”
The duo informed that it includes a team in four offices around the country.
Deep Wind Offshore has a strong history in South Korea since 2006, while BP has a 40-year history.
To be noted, South Korea has set a target of achieving around 22% of its energy from renewable sources by 2030.