BP and Deep Wind Offshore Form Joint Venture to Develop Offshore Wind in South Korea

UK oil supermajor BP has entered the South Korean offshore wind market after buying a majority stake in the early-stage projects of developer Deep Wind Offshore.[0] BP and Deep Wind Offshore have formed a joint venture to develop offshore wind opportunities in South Korea, with BP acquiring a 55% stake in Deep Wind Offshore’s early-stage portfolio which includes four projects across the Korean peninsula with a potential generating capacity of up to 6GW.[1]

The permitting process for the four projects is already underway, with wind measurement devices having been installed in 2021 and 2022.[2] BP and Deep Wind Offshore plan to install additional wind measurement systems and obtain electricity business licenses in the near future.[2]

In addition, Siemens Gamesa and Doosan Enerbility, formerly known as Doosan Heavy Industries, have signed an agreement to collaborate on offshore wind projects in South Korea.[3] The companies have formed a strategic partnership to grow South Korea’s offshore wind industry through knowledge sharing and domestic assembly.

Marc Becker, CEO of Siemens Gamesa’s offshore business, said: “We are eager to bring our market-leading offshore skills, including our direct drive nacelle technology, to South Korea. We will also greatly benefit from Doosan’s understanding of the South Korean market, which will help accelerate the country’s energy transition. The partnership intends to promote local job growth and inward investment while delivering clean, green energy.”[4]

Deep Wind Offshore’s CEO, Knut Vassbotn, expressed his enthusiasm for teaming up with bp for the purpose of bringing their South Korean projects to fruition. He commented that there is a perfect match between their experienced development team and bp’s exceptional execution abilities. The two sides look forward to combining their forces for the benefit of the country, with the intention of providing renewable energy, as well as job prospects for local supply chain and communities.

The partnership follows a memorandum of understanding signed in June 2022 between the two sides to investigate potential products and services optimized for South Korea’s offshore wind market while exploring a supply chain and related industries.[5] By 2030, South Korea plans to obtain approximately 22% of its energy from renewable sources, and is projected to be an influential offshore wind nation.[6]

0. “Siemens Gamesa, Doosan Make Their Joint Offshore Wind Plans in Korea Official” Offshore WIND, 7 Feb. 2023, https://www.offshorewind.biz/2023/02/07/siemens-gamesa-doosan-make-their-joint-offshore-wind-plans-in-korea-official/

1. “BP South Korea offshore wind swoop could mark oil giant’s floating debut” Recharge, 15 Feb. 2023, https://www.rechargenews.com/wind/bp-south-korea-offshore-wind-swoop-could-mark-oil-giants-floating-debut/2-1-1404057

2. “BP enters South Korea offshore wind market via joint venture” Marketscreener.com, 15 Feb. 2023, https://www.marketscreener.com/quote/stock/BP-PLC-9590188/news/BP-enters-South-Korea-offshore-wind-market-via-joint-venture-42989690/

3. “South Korea’s Doosan Enerbility and Siemens Gamesa” Asian Oil & Gas, 7 Feb. 2023, https://aogdigital.com/news/502713-south-koreas-doosan-enerbility-and-siemens-gamesa-in-offshore-wind-collab

4. “Siemens Gamesa, Doosan Enerbility sign partnership agreement for Korean offshore wind market” Riviera Maritime Media, 7 Feb. 2023, https://www.rivieramm.com/news-content-hub/news-content-hub/siemens-gamesa-doosan-enerbility-sign-partnership-agreement-for-korean-offshore-wind-market-74863

5. “Simens Gamesa partners with Doosan Enerbility for offshore wind power projects in S. Korea” Aju Business Daily, 7 Feb. 2023, https://www.ajudaily.com/view/20230207143621313

6. “BP forms South Korean offshore wind JV” reNEWS, 15 Feb. 2023, https://renews.biz/83821/bp-forms-south-korean-offshore-wind-jv