Feb. 15 (UPI) -- British energy company BP said Wednesday it has established a joint venture to develop offshore wind in South Korea with a partner already boasting a sizeable footprint for renewable energy.
BP announced it would take on a 55% stake in Norway-based Deep Wind Offshore's energy portfolio for undisclosed terms, while looking to add on to the 6 gigawatts of offshore wind capacity already established by its new joint venture partner.
Matthias Bausenwein, a senior vice president of offshore wind for the British energy giant, said South Korea is an essential growth market for renewables.
"We look forward to developing these gigawatts further so we can integrate these electrons in the wider energy system and help the global and South Korean energy transition," he said.
Related
The process to secure permits for four offshore developments is already underway and the joint venture partners said they'll now work to secure additional licenses in the coming months.
South Korea is looking to renewable energy to account for 22% of its total energy demand by the end of the decade, and much of that support would come from offshore wind.
BP was among the companies taking criticism for reporting hefty profits on the back of the higher commodity prices that came largely as a result of the war in Ukraine. In its earnings report for the fourth quarter, the company announced it was targeting a 20-30% reduction in emissions by the end of the decade, sharply lower than its previous goal.
CEO Bernard Looney, however, suggested the move was a reflection of current energy needs.
"We need lower carbon energy, but we also need secure energy and we need affordable energy," he said. "And that's what governments and society around the world are asking for."
