BP, Japan’s JERA combine offshore wind businesses

LONDON, December 9, 2024 – BP and Japanese energy player JERA will combine their offshore wind businesses to form a new joint venture, the companies announced on Monday.

The standalone, equally owned JV is expected to become one of the largest global offshore wind developers, owners and operators.

The companies’ offshore wind assets in operation and under development have a combined capacity of 13 GW.

The new company will be called JERA Nex bp, building on JERA’s recent formation of a London-headquartered renewables company to develop, invest in, own and operate a range of renewable energy assets, including offshore and onshore wind, solar and battery storage.

It was not immediately clear how the new JV would impact JERA Nex’s mandate.

In May, JERA announced plans to invest USD 32 billion in LNG, renewables and new fuels including hydrogen and ammonia over the next decade.

BP and JERA have agreed to provide capital funding of up to USD 5.8 billion for investments committed to before end-2030.

“We are very pleased to have reached agreement with JERA to form a top five wind developer globally,” BP CEO Murray Auchincloss said.

“This will be a very strong vehicle to grow into an electrifying world, while maintaining a capital-light model for our shareholders. We very much look forward to combining our strengths in Europe and Asia-Pacific to create another innovative platform.”

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