BP and Deep Wind Offshore have collaborated to exploit offshore wind opportunities in South Korea. Under the terms of their agreement, BP has obtained a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio, which encompasses four projects throughout the Korean peninsula, capable of generating up to 6GW. As of 2030, South Korea aims to derive almost 22% of its energy from renewable sources and is poised to become a major offshore wind hub.
BP’s foray into the South Korean offshore wind sector will be facilitated through Deep Wind Offshore’s existing presence in the region, with a highly skilled team operating from four offices across the country. Deep Wind Offshore has a strong track record in South Korea since 2006, as its parent company, Knutsen Group, is one of the largest clients in the shipbuilding industry for Korean yards. BP has been active in the country for four decades, engaging in significant oil and LNG trading activities, as well as operating its Castrol lubricants business.
Matthias Bausenwein, bp’s senior vice president of offshore wind, 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.”
Knut Vassbotn, Deep Wind Offshore’s CEO, 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.”
Wind measurement equipment has been set up for the four projects, and the permitting process is already underway, having been conducted during 2021 and 2022. Over the next period, BP and Deep Wind Offshore will focus on installing supplementary wind measurement systems and obtaining electricity business licenses.