bp is partnering with offshore wind developer Marubeni, a 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 decarbonization projects, including hydrogen.
As part of their agreement, bp will join with Marubeni in their proposal for an offshore wind project off the coast in Japan by purchasing a 49% stake in the proposed project. Associated with this agreement, bp will establish a local offshore wind development team in Tokyo.
Japan is aiming to be carbon neutral by 2050 and has set a target of deploying 10 GW of offshore wind capacity by 2030 and 30-45 GW by 2040.
“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,” says Anja-Isabel Dotzenrath, EVP of gas and low carbon energy for bp. “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.”