JERA and bp launch offshore wind joint venture

The new company has a net potential generating capacity of 13 GW.

JERA and bp have completed the formation of their 50:50-owned joint venture JERA Nex bp, which will be focusing on the development of offshore wind projects.

In a statement, JERA said the new company’s portfolio of operating assets and development projects has a net potential generating capacity of 13 gigawatts (GW). This includes around 1 GW of installed net generating capacity, 7.5 GW development pipeline, and 4.5 GW of secured leases.

JERA Nex bp will initially focus on disciplined and prioritised development of projects from its existing global pipeline whilst continuing to operate existing assets in Europe and Asia. It will also seek to continuously prioritise and optimise its portfolio of projects based on value and will leverage access to external capital and competitive financing. 

Following the completion of the transaction on 1 August, the company also formed JERA Nex bp Japan, which will be dedicated to developing and operating projects in the said country. This will be led by Masato Yamada, former managing executive officer of JERA, appointed as CEO. He will report to the CEO of JERA Nex bp.