Slaughter and May is advising Deep Wind Offshore on the sale to bp of a 55% interest in its portfolio of four offshore wind development projects in South Korea, with a potential generating capacity of up to 6GW, and associated joint venture and services arrangements. 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.
Deep Wind Offshore is an international developer and owner of offshore wind projects, with headquarters in Norway and offices in Sweden and South Korea and projects under development in numerous other markets. The joint venture will see bp enter the South Korean offshore wind market through Deep Wind Offshore’s existing presence in the region.
Slaughter and May acted as an integrated team with Thommessen (in respect of Norwegian law matters) and Kim & Chang (in respect of South Korean law matters)