BP has entered into a partnership with Marubeni to explore offshore wind development in Japan. BP has been operating in Japan since 1960, while Marubeni is a leading offshore wind developer in Japan.
For this, BP has already created a joint venture with integrated trading and investment company.
According to the companies, the duo has agreed to "form a strategic partnership for offshore wind and potentially other decarbonisation projects, including hydrogen."
Under the latest agreement, BP will join Marubeni for an offshore wind project off the coast in Japan, which will allow having 49% stake in the venture.
This has been regarded as the first step of the company to lead the market on offshore wind position in Japan.
Meanwhile, BP is also set to build up a local offshore wind development team in Japan.
BP’s executive vice president of gas & low carbon energy Anja-Isabel Dotzenrath commented, "We are unlocking new regions and new opportunities for BP. Combining our international energy expertise and technical capabilities with Marubeni’s track record of wind and energy development and first-class regional relationships, we can together build important new clean energy resources for Japan and Asia."
To be noted, Japan has set a target of deploying 10GW of offshore wind capacity by 2030 and 30-45GW by 2040. It aims to be carbon neutral by 2050.