JERA, bp form offshore wind joint venture

The new venture will tap 13 GW of potential capacity.

JERA Co., Inc. has joined forces with bp to create a joint venture (JV) to be called JERA Nex bp that will focus on developing and operating offshore wind projects.

In a joint statement, the companies said JERA Nex bp will be a standalone, equally-owned joint venture. It will have a  mix of operating assets and development projects with a total 13 gigawatt (GW) potential net generating capacity.

The formation of JERA Nex bp aims to speed up development and secure better financing. To support this, the parties have agreed to provide capital funding for investments committed before the end of 2030 of up to $5.8b.

The joint venture will combine 1 GW of operating assets, a 7.5 GW development pipeline, and 4.5 GW of secured leases.

JERA Nex bp will initially focus on existing projects in North-West Europe, Australia, and Japan, whilst also advancing its longer-term pipeline.

The JV will be based in London whilst its CEO will be nominated by JERA and the CFO by bp. On completion, offshore wind teams from both JERA and JERA Nex and staff from bp’s offshore wind business will be expected to move into the new business.

JERA Nex bp is expected to be finalised by the end of third quarter 2025, subject to regulatory approvals.