BP Alternative Energy Investments (BPAEIL), a subsidiary of BP, and Marubeni have signed a cooperation and participation agreement
Marubeni, bp enter offshore wind partnership in Japan. (Credit: BP p.l.c.)
British oil and gas company BP has partnered with Japanese investment conglomerate Marubeni, to pursue a selected offshore wind development project in Japan.
BP Alternative Energy Investments Limited (BPAEIL), a fully owned subsidiary of BP, and Marubeni have signed a cooperation and participation agreement.
As per the agreement, the two companies will set up a joint venture (JV) dedicated to offshore wind development along with other decarbonisation projects including hydrogen.
BPAEIL will own a 49% stake in the JV, subject to merger control approvals.
In relation with the JV agreement, BP is expected to establish a local offshore wind development team in Japan, where it has been operating since 1960.
BP gas and low carbon energy executive vice president Anja-Isabel Dotzenrath said: “We are unlocking new regions and new opportunities for bp.
“Combining our international energy expertise and technical capabilities with Marubeni’s track record of wind and energy development and first-class regional relationships, we can together build important new clean energy resources for Japan and Asia.
“We want to continue to build on bp’s offshore wind portfolio – and we can’t wait to get to work in Japan with Marubeni.”
Last year, BP has partnered with Japanese shipping company NYK Line, to explore future fuels and transportation solutions for decarbonisation in the shipping sector.
The company has increased its renewables development pipeline to more than 24GW since 2019, and is on track to achieve its target of developing 20GW renewable capacity by 2025.
Marubeni is a lead partner in the development and construction of the 140MW Akita offshore wind farm project, which is the first large-scale, commercial offshore wind project in Japan.
With a total generating capacity of nearly 12GW, Marubeni is engaged in the development and operation of more than 2GW of onshore and offshore wind projects worldwide.