BP is partnering with Marubeni, the 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 purchasing a 49% stake in the proposed project. The companies see this as a first step towards building a market-leading offshore wind position in Japan. 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 10GW of offshore wind capacity by 2030 and 30-45GW by 2040.
Photo credit: iStock/ Blue Planet Studio