bp and Marubeni to form offshore wind partnership

British energy major bp is partnering with major Japanese integrated trading and investment conglomerate Marubeni, 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.  

As part of their agreement, bp will join with Marubeni in their proposal for an offshore wind project off  the coast in Japan—an area of exceptional wind resource—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.  

Japan aims to be carbon neutral by 2050 and targets deploying 10 gigawatts (GW) of offshore wind  capacity by 2030 and 30-45 GW by 2040.  

“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,” said Anja-Isabel Dotzenrath, bp’s executive vice president of gas & low carbon energy.  

bp has been operating in Japan since 1960. Today, it has a sizable 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. 

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

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 140 megawatt (MW) Akita offshore wind farm project. Marubeni has a total power generating capacity of about 12 GW and has been involved in the development and operation of more than 2 GW of onshore and offshore wind power globally. 

The agreement is subject to merger control approvals, with completion expected to follow swiftly  following approval.