Herbert Smith Freehills advised BP on JV with Deep Wind Offshore to develop offshore wind projects
South Korea is targeting 22 percent of its energy to come from renewable sources by 2030
Herbert Smith Freehills advised BP on JV with Deep Wind Offshore to develop offshore wind projects
South Korea is targeting 22 percent of its energy to come from renewable sources by 2030
Leading international law firm Herbert Smith Freehills has advised BP on a joint venture with Deep Wind Offshore (DWO) to develop offshore wind opportunities in South Korea.
As part of the agreement, BP has acquired a 55 percent stake in DWO's early offshore wind portfolio, which includes four projects across the Korean peninsula with a potential generating capacity of up to 6GW.
Headquartered in Norway, DWO is a developer and owner of offshore wind projects globally. The company is backed by industrial owners from the shipping/offshore and utility sectors Knutsen OAS, Haugaland Kraft and Sunnhordland Kraftlag.
Through DWO's existing presence in the region, the joint venture will ensure BP's entry into the South Korean offshore wind market. It will build on the latter's current presence in Korea, where it has operated for over 40 years.
Expecting to become a leading offshore wind region by 2030, South Korea is targeting about 22 percent of its energy to come from renewable sources.
The Herbert Smith Freehills team was led by corporate partner Sarah Pollock and global head of energy Lewis McDonald. They were supported by counsel Ken Nam, senior associates Chris Davis and Marianna Schneider, associates Luisa Giannone and Kate Strachan and trainee solicitors Gloria Cronin and Sara Lee.