Arntzen de Besche has assisted bp on joint venture with Deep Wind Offshore to develop South Korean offshore wind projects

We are proud to have acted as legal advisors to bp with this joint venture, seeking to further develop the offshore wind opportunities in South Korea. As a part of the agreement, bp has acquired a 55 percent stake in Deep Wind Offshore’s (DWO) early-stage offshore wind portofolio, which includes four projects across the Korean peninsula with a potential generating capacity of up to 6GW.

DWO is a developer of offshore wind projects with global presence, based in Norway. The company is backed by industrial owners from the shipping/offshore and utility sectors Knutsen OAS, Haugaland Kraft and Sunnhordland Kraftlag.

bp currently operates an onshore wind portofolio in the US with a total generating capacity of 1.7GW. They are also building their global offshore wind presence with a 5.2GW net capacity pipeline.

The joint venture will see bp enter the South Korean offshore wind market through Deep Wind Offshore’s existing presence in the region, which includes a highly capable team in four offices around the country. bp have a 40-year history in the South Korea, including sizeable oil and LNG trading activities and its Castrol lubricants business.

bp's senior vice president of offshore wind, Matthias Bausenwein, stated the following in a press release:

- South Korea is an exceptional market to expand our growing offshore wind footprint. We are very happy to be working with a partner as strong as Deep Wind Offshore, which has managed to build a strong local team and develop these projects in collaboration with a variety of Korean stakeholders. We look forward to developing these gigawatts further so we can integrate these electrons in the wider energy system and help the global and South Korean energy transition.”

Our core team consisted of Per Dagslet and Ola Heian.


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