BP and Deep Wind Offshore have partnered to develop offshore wind projects in South Korea. Credit: BP.

British energy giant BP has entered the South Korean offshore wind market by forming a joint venture with Norwegian company Deep Wind Offshore.

Under the arrangement, BP has acquired a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio in South Korea.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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

The permitting process for the four projects is already underway, with wind measurement devices having been installed over the last two years.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.”

BP and Deep Wind Offshore also plan to install additional wind measurement systems to secure electricity business licenses.

The companies aim to help South Korea meet its target of sourcing around 22% of its energy from renewable sources by 2030.

Deep Wind Offshore CEO Knut Vassbotn said: “We are extremely excited about partnering with BP to help realise 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 realise 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.”