BP & Corio Generation Plan $1.16B Investment In South Korean Wind Farms: Report

BP PLC BP and British-based offshore wind firm Corio Generation have proposed investment plans worth $1.16 billion for wind farm projects in South Korea, as reportedly announced by the country's Ministry of Trade, Industry and Energy on Wednesday.

These projects, already in progress, represent additional evidence of Britain and South Korea's cooperation in carbon-free energy, according to a news report by Reuters. 

Also Read: BP Concludes Northwest Indiana Wind Farm Project Upgradation, Expects To Generate More Energy

This comes on the heels of an announcement on Tuesday that South Korean firms intend to invest 21 billion pounds ($26.17 billion) in renewable energy and infrastructure projects in Britain, the report added.

The announcements were made during South Korean President Yoon Suk Yeol's state visit to Britain, per Reuters.

Corio is working on eight offshore wind farms in South Korea, with a combined capacity of 2.9 Gigawatts. 

Meanwhile, BP is focusing on investing in offshore wind farms along the southern coast of the Korean Peninsula and aims to broaden its investments in South Korea's renewable energy sector, as per the report, which cited a statement from the industry ministry.

According to the industry ministry, the investments are anticipated to boost the demand for South Korean-made equipment like tower structures, turbines, and power cables. This is expected to bolster the local economy and generate employment opportunities.

Read Next: BP Seeking Partners For Offshore Wind Projects In Japan: Report

Price Action: BP shares are trading lower by 0.50% to $35.56 premarket on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.