As part of the agreement, BP has acquired a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio of four projects located across the Korean peninsula, which can potentially generate a combined 6GW of clean energy


BP acquires 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio. (Credit: BP p.l.c.)

BP has created a joint venture (JV) with Norway-based offshore wind projects developer Deep Wind Offshore to pursue offshore wind opportunities in South Korea.

In this regard, BP has acquired a 55% stake in the Norwegian company’s early-stage offshore wind portfolio.

The portfolio includes four projects that are located across the Korean peninsula and can generate up to 6GW of clean energy.

With wind measurement devices having been installed over the last two years, the permitting process for the South Korean offshore wind projects is already in progress.

BP offshore wind senior vice president Matthias Bausenwein said: “South 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 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 South Korean energy transition.”

Both parties also intend to install additional wind measurement systems and get electricity business licenses in the coming days.

Through the JV, BP intends to make its entry into the South Korean offshore wind market.

South Korea plans to secure nearly 22% of its energy from clean energy sources by 2030, said BP.

BP is said to have a 40-year history in the country with considerable oil and LNG trading activities apart from the operations of its Castrol lubricants unit.

Deep Wind Offshore CEO Knut Vassbotn said: “We are extremely excited about partnering with bp to help realize our quality portfolio of projects in South Korea.

“There is a great fit between our highly competent development team and the bp execution capabilities.

“We look forward to integrating our teams to realize the projects in a sustainable manner, in close collaboration with local stakeholders to bring both clean electricity to the country and opportunities to local supply chain and communities.”

Deep Wind Offshore is developing the Utsira Nord and Sørlige Nordsjø II offshore wind farms along with EDF Renewables in Norway.

The Norwegian company is owned by Knutsen, Haugaland Kraft, and Sunnhordland Kraftlag.

In May 2022, BP submitted bids to acquire the rights to develop the Hollandse Kust (west) Wind Farm Zone (HKW) sites VI and VII in the Dutch North Sea, which will have a total capacity of 1.4GW.