bp and JERA Co., Inc. have announced the creation of JERA Nex bp, a joint venture equally owned by both companies, which will emerge as one of the largest global players in offshore wind energy. With a projected net generating capacity of 13GW, the venture combines operating assets, development projects, and secured leases, marking a significant step toward advancing renewable energy solutions worldwide.
The establishment of JERA Nex bp aims to expedite progress on the merged pipeline of offshore wind projects and enhance access to competitive funding sources. To support this, both partners have committed to providing capital funding of up to $5.8 billion for investments planned through 2030.
The venture will include contributions of operational assets with a net generating capacity of approximately 1GW, a robust development pipeline of 7.5GW, and secured leases offering an additional 4.5GW in potential capacity. JERA Nex bp will prioritize competitive, value-driven project development while optimizing its integrated portfolio. Initially, the focus will be on advancing existing projects in North-West Europe, Japan, and Australia while continuing to develop opportunities for the long term.
Yukio Kani, CEO of JERA, emphasized the strategic significance of offshore wind, stating, “This partnership harnesses the expertise, resources, and networks of both companies to establish a world-class offshore wind enterprise. It also reflects JERA’s commitment to renewable energy and its evolution into a global offshore wind leader.” Murray Auchincloss, CEO of bp, added, “This joint venture solidifies our position as one of the top global wind developers, aligning with our vision of a capital-efficient growth strategy for shareholders.”
William Lin, bp’s executive vice president for gas and low-carbon energy, noted that the collaboration builds on years of successful partnership, combining complementary strengths to create a diversified portfolio of projects. The business will strategically manage and market power generated by its assets through various offtake channels, leveraging the global trading expertise of both partners.
JERA Nex bp will operate under a well-defined funding structure, utilizing revenues from its assets, portfolio management proceeds, and access to competitive financing. The equity investments from JERA and bp may vary depending on project financing outcomes and sales of assets.
The partnership builds on the long-standing collaboration between bp and JERA, including ventures in LNG, solar, hydrogen, and low-carbon fuels. JERA’s offshore wind journey began in 2019 with investments in projects in the UK and Taiwan, followed by the acquisition of Belgium-based Parkwind in 2023. Meanwhile, bp has been expanding its offshore wind portfolio since 2019, which now includes key projects in the UK, Germany, Scotland, and the U.S.
Based in London, JERA Nex bp’s leadership team will include a CEO appointed by JERA and a CFO from bp. Offshore wind teams from both companies are expected to transition into the new organization, with the joint venture set to launch by the third quarter of 2025, pending necessary regulatory approvals.
