Published on 23 Nov 2023 on Zacks via Yahoo Finance

BP, Corio to Invest $1.16 Billion in South Korea's Wind Energy

BP plc BP and British offshore wind company Corio Generation are set to invest more than $1.16 billion in wind farm projects in South Korea, according to a statement released by the country's Ministry of Trade, Industry and Energy on Wednesday.

Per a Reuters report, Corio Generation, based in the U.K., is actively pursuing the development of eight offshore wind farms, collectively generating 2.9 gigawatts of clean energy in South Korea. Meanwhile, BP is gearing up to invest in offshore wind projects along the southern coast of the Korean Peninsula, signaling its intention to further expand its footprint in South Korea's renewable energy sector. This development followed Tuesday's revelation that South Korean businesses are planning a hefty investment of £21 billion ($26.17 billion) in various renewable energy and infrastructure initiatives in the United Kingdom.

The announcements were strategically timed during the state visit of South Korea’s president Yoon Suk Yeol to Britain, underscoring the diplomatic significance of the growing partnership in sustainable energy ventures.