bp is partnering with Marubeni to explore a selected offshore wind development opportunity in Japan. The two have agreed to form a strategic partnership for offshore wind and potentially other decarbonisation projects, including hydrogen.
As part of their agreement, bp will join with Marubeni in their proposal for an offshore wind project off the coast in Japan, purchasing a 49% stake in the proposed project. Associated with this agreement, bp will establish a local offshore wind development team in Tokyo. The agreement is subject to merger control approvals, with completion expected to follow swiftly following approval being granted.