BP and JERA Co., Inc. have announced plans to merge their offshore wind businesses, forming a new joint venture named JERA Nex bp. This equally-owned entity will become one of the world’s largest offshore wind developers, owners, and operators. The joint venture, with a combined portfolio of operating assets and development projects totalling a potential 13GW of net generating capacity, will focus on accelerating development and accessing competitive financing and will be called JERA Nex bp. The partners have committed up to $5.8 billion in capital funding for investments through to 2030.
JERA Nex bp will bring together 1GW of net generating capacity from existing operating assets, 7.5GW from high-quality development projects, and 4.5GW from secured leases offering significant future potential. The venture will focus on North-West Europe, Australia, and Japan, leveraging its robust pipeline to develop competitive projects while optimising its extensive portfolio.
Murray Auchincloss, CEO of BP said, “We are delighted to partner with JERA to create a top-five global offshore wind developer. This venture combines our strengths in Europe and Asia-Pacific, offering an innovative platform for growth.”
Yukio Kani, CEO of JERA said, “Offshore wind is pivotal to the energy transition. Our partnership with BP creates a world-class offshore wind company capable of realising the sector’s potential while positioning for long-term success.”
JERA Nex bp will pursue disciplined, value-driven development, supported by a clear funding strategy. The company will utilise revenues from its assets, competitive financing options, and portfolio management proceeds to fund its growth.
William Lin, BP’s Executive Vice President for Gas & Low Carbon Energy stated, “This partnership combines bp and JERA’s complementary businesses to deliver scale and efficiency. JERA Nex bp will be a major player in offshore wind, developing competitive projects and managing its portfolio with tight investment discipline.”
bp and JERA, along with JERA’s shareholders Tokyo Electric Power Company (TEPCO) and Chubu Electric Power, have a history of collaboration in LNG, solar, hydrogen, and low-carbon fuels. JERA entered the offshore wind sector in 2019, acquiring Belgium-based Parkwind in 2023. BP has been developing offshore wind projects since 2019, including major developments in the UK, Germany, Scotland, and the US. The joint venture will be headquartered in London, with the CEO nominated by JERA and the CFO by bp. Offshore wind teams from both companies will transition into JERA Nex bp upon its establishment.
The formation of JERA Nex bp is subject to regulatory approvals, with completion targeted by the end of Q3 2025. This partnership underscores bp and JERA’s commitment to driving the energy transition and expanding their renewable energy footprints globally.
