Japan – bp has formed a joint venture with Marubeni to investigate offshore wind development opportunity in Japan.
Both companies have agreed to form a strategic partnership for offshore wind and possibly other decarbonization projects, such as hydrogen.
As part of the agreement, bp will join Marubeni in proposing an offshore wind project off the coast of Japan – an area with abundant wind resources – and will purchase a 49 percent stake in the project. The companies see this as a first step toward establishing a market-leading position in Japan’s offshore wind market.
10GW by 2030
bp will establish a local offshore wind development team in Tokyo as part of this agreement. Japan has set a goal of becoming carbon-neutral by 2050, with a goal of deploying 10GW of offshore wind capacity by 2030 and 30-45GW by 2040.
The agreement is subject to merger control approvals, and once granted, completion is expected to happen quickly.