Deep Wind Offshore, bp form JV for project dev’t in South Korea
Deep Wind Offshore currently has four projects in the country.
International developer Deep Wind Offshore and bp formed a joint venture to develop offshore wind projects in South Korea, with bp acquiring a 55% stake in Deep Wind Offshore’s early-stage projects.
In a statement, bp said the JV marks the company’s entry into South Korea’s offshore wind market.
Deep Wind Offshore has four projects in Korea with a potential generating capacity of six gigawatts. The permitting process for these is already underway as wind measurement devices have been installed in 2021 and 2022.
The parties will look into installing more wind measurement systems and securing electricity business licenses.
South Korea aims to source almost 22% of its energy from renewable sources by 2030.