bp is partnering with Marubeni, the major Japanese integrated trading and investment conglomerate, to explore a selected offshore wind development opportunity in Japan. Both companies have decided to develop a strategic partnership for offshore wind and potentially other decarbonization projects, such as hydrogen.
As part of their agreement, bp will join with Marubeni in their proposal for an offshore wind project off the coast in Japan. Bp will purchase a 49% stake in the proposed project. The companies consider this as a first step toward establishing a market-leading position in Japan’s offshore wind market.
bp will establish a local offshore wind development team in Tokyo as part of this agreement. 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.
“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.”Anja-Isabel Dotzenrath, bp’s executive vice president of gas & low carbon energy
bp has been operating in Japan since 1960. It now has a sizable oil and LNG trading business as well as a Castrol lubricants business with Japanese customers, which it intends to expand. In 2021, BP decided to collaborate with NYK Line, a Japanese shipping firm, on future fuels and transportation solutions to help the hard-to-abate shipping sector decarbonize.
With projects in the United States and the United Kingdom, bp already has a net offshore wind development pipeline of more than 5GW. It has quadrupled its renewables development pipeline to more than 24GW since 2019, and is on track to reach its 20GW renewable capacity development objective by 2025.
Marubeni is a significant offshore wind developer in Japan, having served as the lead partner in the development, permitting, and building of the country’s first large-scale commercial offshore wind project, the 140MW Akita offshore wind farm project. Marubeni has a total power generation capacity of around 12 GW and has developed and operated more than 2 GW of onshore and offshore wind power around the world.