'Unlocking regions' | BP makes Asia offshore wind move with Marubeni tie-up in Japan

Oil supermajor BP added Japan to its growing list of offshore wind markets as it made its first move into Asia in conjunction with local conglomerate Marubeni.

The UK-based group and Marubeni signed an offshore wind strategic partnership that will see BP take a 49% stake in an unnamed “selected offshore wind development opportunity” being advanced by the latter and could involve collaboration in other areas including hydrogen.

The move marks another expansion by BP of its fast-growing offshore wind operation that has already made big inroads into the US and UK markets.

BP – which will set up an offshore wind team in Tokyo – has put wind at sea at the heart of a renewables strategy that aims to develop 50GW net by 2030, among the most ambitious targets of any oil & gas group entering the green power sector.

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

Marubeni, which has a large and diverse power generation business, is a pioneer of Japanese offshore wind through its leadership of the 140MW Akita project that is currently under construction as one of the nation’s first projects.

Japan’s government has over the last two years held the first auctions to spur future large-scale offshore wind development as it pursues goals to allocate 10GW of capacity by 2030 and install up to 45GW by 2040.

The agreement between BP – which has a long-established Japanese presence – and Marubeni is subject to regulatory approvals.