bp and JERA partner on 13 GW offshore wind venture

Energy giants bp and JERA have announced a strategic joint venture to create JERA Nex bp, a standalone 50-50 entity that aims to become one of the world’s top-tier offshore wind developers, owners, and operators. The new company will leverage a combined portfolio of operating and development assets with a potential generating capacity of 13 gigawatts (GW).

The joint venture will consolidate bp and JERA’s offshore wind assets, including around 1 GW of operating capacity and a 7.5GW pipeline of development projects. It will also secure leases with an additional 4.5 GW potential capacity, focusing on projects in North-West Europe, Australia, and Japan. The two companies have committed USD5.8 billion in capital funding for investments through 2030.

Yukio Kani, CEO of JERA, highlighted the transformative potential of the partnership: “Offshore wind has significant potential and is a critical component of the energy transition. The sector is at an inflection point, and we believe the transformative partnership launched today between our two companies combines the resources, capabilities, and network necessary to be a world-class offshore wind company, and in doing so, realise the potential of offshore wind globally, while positioning this business for long term success.”

Murray Auchincloss, bp’s CEO, added: “We are very pleased to have reached agreement with JERA to form a top five wind developer globally. 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.”

The new entity will benefit from the global trading capabilities and established partnerships of both parent companies, ensuring effective power management and optimal offtake arrangements. Based in London, JERA Nex bp’s leadership will include a CEO nominated by JERA and a CFO from bp.

Key assets:

• bp’s contributions: Projects such as Mona and Morgan in the UK Irish Sea, and Oceanbeat East and West in Germany’s North Sea.
• JERA’s contributions: Operational projects in Belgium, Germany, Japan, and Taiwan, including investments in the Belwind and Formosa 2 farms.

The formation of JERA Nex bp is expected to be completed by the third quarter of 2025, pending regulatory approval. The venture represents a significant milestone in the energy transition, combining bp and JERA’s expertise to deliver competitive, value-driven offshore wind projects worldwide.