bp and Marubeni pursue offshore wind in Japan

As part of their agreement, bp will join with Marubeni in their proposal for an offshore wind project off the coast of Japan – an area of exceptional wind resource ¬– purchasing a 49% stake in the proposed project.

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 10 GW of offshore wind capacity by 2030 and 30-45 GW by 2040.

bp has been operating in Japan since 1960. Today it has a sizeable 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 both the US and UK. Since 2019, the company 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 has a total power generating capacity of approximately 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 being granted.

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