Marubeni has signed cooperation and participation agreements with BP Alternative Energy Investments Limited (BPAEIL) to develop offshore wind projects and explore decarbonisation projects, including hydrogen.

As part of their partnership, the two companies will establish a joint venture for offshore wind business opportunities in Japan.

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BPAEIL will hold a 49% stake in the joint venture.

The deal is subject to merger control approvals, shortly after which it is expected to close.

Marubeni claims to have been one of the first developers to take part in the demonstration of the Fukushima Floating Offshore Wind Farm Project.

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It has also been involved with large-scale offshore wind farm projects at Japan’s Akita and Noshiro Ports.

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Marubeni currently holds stakes in power projects across 21 countries, with a total capacity of around 12GW.

In January this year, the company and its consortium partners received seabed leasing rights for the ScotWind project in Scotland, which has a maximum capacity of 2.6GW.

Aligned to its latest agreement, BP will set up an offshore wind development team in Japan, where it has operated since 1960.

The company operates a business in the country, through which it trades oil and liquid natural gas (LNG) and provides Castrol lubricants.

BP currently has a net offshore wind development pipeline of more than 5GW, including projects in the US and UK.

Since 2019, the company has expanded its renewable project pipeline to more than 24GW.

It has also already met its 2025 target of developing 20GW of renewable capacity.

Earlier this month, Norway-based company Equinor signed an agreement with BP to convert the South Brooklyn Marine Terminal (SBMT) complex in New York into a regional hub for offshore wind.

The two firms will turn the terminal into an offshore wind port to support their 3.3GW offshore wind portfolio located on the East Coast.