LONDON – bp and Marubeni have agreed to establish a partnership targeting opportunities in offshore wind and potentially other decarbonization projects, including hydrogen.
They plan to jointly apply to acquire a 49% stake in a wind project offshore Japan, with bp establishing a local offshore wind development team in Tokyo.
Japan is targeting 10 GW of offshore wind capacity by 2030 and 30-45 GW by 2040.
According to bp, Marubeni is one of the country’s leading offshore wind developers, and is lead partner in development, permitting and construction of the country’s first large-scale, commercial offshore wind farm project to date, the 140-MW Akita.
Marubeni has a total power generating capacity of around 12 GW and has also been involved in the development and operation of over 2GW of offshore/onshore wind power globally.