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.

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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.