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% 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.
The joint venture will see bp enter the South Korean offshore wind market through DWO’s existing presence in the region. It will build on bp’s current presence in Korea, where it has successfully operated for more than 40 years. South Korea is targeting almost 22% of its energy to come from renewable sources by 2030 and is expected to become a leading offshore wind region.
The Herbert Smith Freehills team was led by corporate partner Sarah Pollock and global head of energy Lewis McDonald, and included of counsel Ken Nam, senior associates Chris Davis and Marianna Schneider, associates Luisa Giannone and Kate Strachan and trainee solicitors Gloria Cronin and Sara Lee.
Herbert Smith Freehills worked with Lee & Ko on South Korean law matters, and Arntzen de Besche in relation to Norwegian law matters.
Lewis McDonald commented:
"We are pleased to have supported our long-standing client bp on this significant deal as it continues to expand its growing offshore wind portfolio. It is testament to Herbert Smith Freehills' unparalleled offering in the renewable energy space."