23rd Mar 2022 08:57
BP PLC - London-headquartered oil major - Expands offshore wind portfolio by forming strategic partnership with Japanese conglomerate Marubeni Corp for offshore wind and other potential decarbonisation projects including hydrogen in Japan. BP will acquire a 49% stake in Marubeni's proposed offshore wind project in the country for an unspecified amount. In Tokyo, BP will set up a local offshore wind development team. BP says it now has a net offshore wind development pipeline of over 5 gigawatts in the US and UK. Marubeni is involved in the development and operation of over 2 gigawatts of onshore and offshore wind globally.
The agreement is subject to standard merger approvals, and is expected to complete "swiftly" once these are granted, BP says.
"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," says Executive Vice President Gas & Low Carbon Energy Anja-Isabel Dotzenrath.
Current stock price: 384.50 pence, up 3.6% on Wednesday
12-month change: up 30%
By Elizabeth Winter; [email protected]
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