BP PLC said Wednesday that it is partnering with Marubeni Corp. in an offshore-wind pact in Japan, and that it will buy a 49% stake in the proposed project.
The energy major said it has formed a strategic partnership with the Japanese trading and investment conglomerate for offshore wind and potentially other decarbonization projects, including hydrogen.
The agreement is subject to merger controls, though BP expects completion to follow swiftly after approval, it said.
BP said that the companies view the partnership as a first step toward building a market-leading offshore-wind position in Japan, and that BP will establish a local offshore-wind development team in Tokyo.
Japan aims for carbon neutrality by 2050 and is targeting the deployment of 10 gigawatts of offshore wind capacity by 2030, and 30 to 45 gigawatts by 2040.
Shares in BP at 0817 GMT were up 7.3 pence, or 2%, at 378.6 pence.
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