BP and JERA form joint venture to revolutionize offshore wind energy

British energy giant BP and Japanese powerhouse JERA Co., Inc. have agreed to establish a joint venture (JV) focused on offshore wind energy.

Report informs citing BP that the newly formed entity, named JERA Nex bp, will be equally owned by both companies and is set to become one of the world's largest developers, owners, and operators in the offshore wind sector.

JERA Nex bp will combine operational assets and development projects with a total potential capacity of 13 GW of clean energy. The partners have committed to investing up to $5.8 billion in the new joint venture by the end of 2030.

"JERA Nex bp will focus on developing competitive projects and optimizing the combined portfolio. Initially, the company will concentrate on advancing existing projects in Northwest Europe, Australia, and Japan while continuing to expand its portfolio with significant long-term opportunities," the statement reads.

The new JV will be led by a CEO from JERA, while BP will provide the CFO. Staff from the offshore divisions of both companies will be transferred to JERA Nex bp.

The formation of the new JV is expected to be completed by the end of the third quarter of 2025, subject to obtaining all necessary approvals.

JERA, a joint venture between Tokyo Electric Power Company (TEPCO) and Chubu Electric Power, has been actively investing in offshore wind energy since 2019. The company currently manages projects in the United Kingdom, Germany, Japan, Belgium, and Taiwan, with additional developments in Ireland and Australia.

Similarly, BP has been developing its portfolio of offshore wind energy projects since 2019 and boasts a total potential capacity of 9.7 GW.