BP announced its partnership with Marubeni, Japan-based trading and investment conglomerate, to explore a selected offshore wind development opportunity in Japan.
BP will join with Marubeni in their proposal for an offshore wind project off the coast in Japan — purchasing a 49 percent stake in the proposed project. BP will also 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 10GW of offshore wind capacity by 2030 and 30-45GW by 2040.
“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,” Anja-Isabel Dotzenrath, EVP, gas & low carbon energy, at BP, said in a news statement.
BP already has a net offshore wind development pipeline of more than 5GW, with projects in the US and UK. Since 2019, BP 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.
Marubeni is the lead partner of 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.