UK supermajor BP and offshore wind developer Corio Generation have submitted investment plans of more than $1bn for new wind farm projects in South Korea.
South Korea’s Ministry of Trade, Industry and Energy disclosed the $1.16bn investment scheme during a state visit to the UK by President Yoon Suk Yeol.
Corio, an offshore wind portfolio company of Macquarie’s Green Investment Group (GIG), is developing nearly 3 GW of offshore wind in South Korea through its Busan and BadaEnergy portfolios. The separate BadaEnergy portfolio, developed jointly with TotalEnergies and SK Ecoplant, comprises both floating and fixed-bottom wind farms off the coast of Ulsan and South Jeolla province, including the 1.5 GW Gray Whale projects, one of the world’s largest floating offshore wind developments.
Meanwhile, BP has reported investment in an offshore wind project being developed on the southern coast of South Korea and plans to continue to expand its investment in the country’s renewable energy sector, the ministry said in a release.
The news came hot on the heels of this week’s announcement that South Korean businesses plan to invest around $26bn in British renewable energy and infrastructure projects.
