BP enters South Korea's offshore wind sector


LONDON : BP has entered the South Korean offshore wind sector after acquiring a stake in Norway’s Deep Wind Offshore portfolio of projects in the country, the British energy firm said on Wednesday.

BP bought a 55 per cent stake in Deep Wind Offshore’s early-stage offshore wind portfolio, which includes four projects across the Korean peninsula with a potential generating capacity of up to 6 gigawatts.

Permitting for the projects is already underway, BP said in a statement.

South Korea is targeting almost 22 per cent of its energy to come from renewable sources by 2030 and is expected to become a leading offshore wind region.

BP aims to sharply grow its installed renewable energy capacity to 10 gigawatts by 2030 from around 2.2 gigawatts at the end of 2022 as part of its strategy to slash greenhouse gas emissions.

Last week Chief Executive Bernard Looney rowed back on plans to sharply cut the company’s oil and gas output.

Privately owned Deep Wind Offshore is headquartered in Norway, where it is also developing wind projects.

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