Marubeni has signed a cooperation and participation agreement with BP Alternative Energy Investments Limited (BPAEIL) to develop offshore wind power projects and explore decarbonization projects including hydrogen energy. As part of the partnership, the two companies will establish a joint venture in Japan to pursue offshore wind business opportunities.

BPAEIL will hold a 49% stake in the joint venture. The transaction is subject to merger control approval and is expected to close shortly. Marubeni claims to be one of the first developers to participate in the demonstration of the Fukushima floating offshore wind farm project. It is also involved in large offshore wind farm projects at the ports of Akita and Noshiro in Japan.

Marubeni currently has stakes in power projects in 21 countries with a combined capacity of about 12GW. In January 2022, the company and its consortium partners secured a subsea lease for the Scot Wind project in Scotland, which has a maximum capacity of 2.6GW. Under the latest agreement, BP will establish an offshore wind development team in Japan, which has been operating in Japan since 1960. The company operates in the country through which it trades oil and liquefied natural gas (LNG).

BP currently has a pipeline of more than 5GW of net offshore wind development, including projects in the US and UK. Since 2019, the company has expanded its renewable energy project pipeline to over 24GW. It has also met its target of developing 20GW of renewable energy capacity by 2025. Keywords: engineering construction, engineering news

Earlier, Norway-based company Equinor signed an agreement with BP to transform New York's South Brooklyn Marine Terminal (SBMT) complex into a regional offshore wind hub. The companies will turn the terminal into an offshore wind port to support their 3.3GW offshore wind portfolio on the east coast.Editor/XingWentao