(Alliance News) - BP PLC on Wednesday said it formed a joint venture with Deep Wind Offshore to join the offshore wind market in South Korea.

BP, a London-based oil major, said under the agreement with the Norway-based developer and owner of offshore wind projects, it bought a 55% stake in Deep Wind Offshore's early-stage offshore wind portfolio. This includes four projects across the Korean peninsula and has a potential to generate capacity of up to 6 gigawatts.

BP explained that the permitting process for the four projects is underway, with wind measurement devices having been installed in 2021 and 2022. "BP and Deep Wind Offshore will now look to install additional wind measurement systems and secure electricity business licenses in the coming period," it added.

Matthias Bausenwein, bp's senior vice president of offshore wind, said: "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."

BP added: "South Korea is targeting almost 22% of its energy to come from renewable sources by 2030 and is expected to become a leading offshore wind region."

BP shares were 0.1% higher at 560.70 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News reporter

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