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bp and Marubeni form strategic partnership to develop offshore wind in Japan

bp is partnering with Marubeni, the major Japanese integrated trading and investment conglomerate, to explore a selected offshore wind development opportunity in Japan.

The two have agreed to form a strategic partnership for offshore wind and potentially other decarbonisation projects, including hydrogen.
The partnership between Marubeni and bp willstart off with the purchase by BP of an offshore wind project planned by marubeni off the coast in Japan (an area of exceptional wind resource).
The agreement is still subject to merger control approvals, with completion expected to follow swiftly once the approval is granted.

Japan is aiming to be carbon neutral by 2050 and has set a target of deploying 10GW of offshore wind capacity by 2030 and 30-45GW by 2040.

Marubeni is a leading offshore wind developer in Japan, through its position as lead partner in development, permitting and construction of the first large-scale, commercial offshore wind project to achieve financial close in the country to-date, the 140MW Akita offshore wind farm project. Marubeni has a total power generating capacity of about 12GW and has been involved in the development and operation of more than 2GW of onshore and offshore wind power globally.

bp has been operating in Japan since 1960. Today it has a sizeable oil and LNG trading and Castrol lubricants business with Japanese customers and aims to continue to grow these businesses. In 2021, bp agreed to work with Japanese shipping company NYK Line on future fuels and transportation solutions to support decarbonisation of the hard-to-abate shipping sector.

Anja-Isabel Dotzenrath, bp’s Executive Vice President of Gas & Low Carbon Energy, said: “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. We want to continue to build on bp’s offshore wind portfolio and we can’t wait to get to work in Japan with Marubeni.”

bp already has a net offshore wind development pipeline of more than 5GW, with projects in the US and UK. Since 2019, it has increased its renewables development pipeline four-fold to more than 24GW and is on track to meet its 2025 target of having developed 20GW renewable capacity.

Image over the headline.- Offshore wind farm. ©bp.

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