Global law firm Ashurst has advised bp on its strategic partnership with Marubeni, the major Japanese integrated trading and investment conglomerate, to explore a selected offshore wind development opportunity in Japan.
As part of the agreement, bp will join with Marubeni in their proposal for an offshore wind project off the coast in Japan – an area of exceptional wind resource – purchasing a 49% stake in the proposed project. The companies see this as a first step towards building a market-leading offshore wind position in Japan and have agreed to form a strategic partnership for offshore wind and potentially other decarbonisation projects.
Associated with this agreement, bp will establish a local offshore wind development team in Tokyo.
The agreement is subject to merger control approvals, with completion expected to follow swiftly following approval being granted.
The Ashurst team is led by partner David Wadham, with Japanese law advice from partner Kensuke Inoue, and involves counsels James Shepherd and Peter Grayson, and associates Imogen Thompson, Jasmine Fox and Chiharu Takatori. Competition advice is being provided by partner Neil Cuninghame and assisted by associates Danica Barley and Louisa Northover.
Commenting David Wadham said: “We are delighted to have supported bp on this strategic partnership with Marubeni. This is a landmark deal for offshore wind in Japan, one of the most exciting markets for this technology.”
