Deep Wind Offshore joins new venture with bp
New Energy Valley member Deep Wind Offshore and bp have formed a joint venture to develop offshore wind opportunities in South Korea.
As part of their agreement, bp will enter a Deep Wind Offshore-owned early-stage offshore wind portfolio, which includes four projects across the Korean peninsula with a potential generating capacity of up to 6GW.
South Korea is targeting almost 22% of its energy to come from renewable sources by 2030 and is expected to become a leading offshore wind region.
Deep Wind Offshore is an international developer and owner of offshore wind projects, with headquarters in Norway and offices in Sweden and South Korea, and projects under development in numerous other markets.
The joint venture will see bp enter the South Korean offshore wind market through Deep Wind Offshore’s existing presence in the region.
This includes a highly capable team in four offices around the country, and a strong history in South Korea since 2006 through its owner Knutsen Group, which is currently one of the biggest clients to the South Korean yards in the shipbuilding segment.
Today, bp has a 40-year history in the country, including sizeable oil and LNG trading activities and its Castrol lubricants business.
About the partners
Deep Wind Offshore is an international developer and owner of offshore wind projects, with headquarters in Norway and offices in Sweden and South Korea, and projects under development in numerous other markets.
In Norway, Deep Wind Offshore is developing Utsira Nord and Sørlige Nordsjø II together with EDF Renewables. The company is backed by industrial owners Knutsen Group, Haugaland Kraft, and SKL from the shipping/offshore and utility sectors. Deep Wind Offshore is well-placed to become an Independent Power Producer.
bp has an operating onshore wind portfolio in the US with a generating capacity totaling 1.7 GW. It is also building its global offshore wind presence with a 5.2GW net capacity pipeline.
In the UK, with partner EnBW, bp is developing the Morgan and Mona projects in the Irish Sea and Morven in the North Sea off Scotland – together, the projects have a potential gross generating capacity of around 6GW.
In the US, bp with Equinor is developing up to 4.4GW through two projects off the East Coast – Empire Wind and Beacon Wind.