BP and Japanese power generator JERA have announced a joint venture to create one of the world’s largest offshore wind operators, reported Reuters.
The 50-50 partnership, named JERA Nex bp, will combine their operating assets and projects, targeting a potential generation capacity of 13 GW.
The partners plan to invest up to $5.8 billion in approved projects by 2030, with BP contributing $3.25 billion and JERA $2.55 billion.
The joint venture will become one of the world’s top five offshore wind operators, joining the ranks of Orsted, Iberdrola, and RWE, according to JERA’s Chief Renewable Energy Officer Satoshi Yajima.
This initiative comes as BP pivots away from offshore wind, following similar moves by Shell and Equinor to focus on higher-return oil and gas operations. CEO Murray Auchincloss emphasized a pragmatic approach centred on profitability, with plans to sell BP’s U.S. onshore wind business and reduce stakes in Lightsource BP.
BP entered the offshore wind sector in 2019, focusing on the British North Sea, Germany, and the U.S. East Coast, with a pipeline capacity of 9.7 GW but no operating offshore wind farms.
The JERA Nex bp venture, based in London, will pool around 1 GW of operating capacity and a 7.5 GW project pipeline, with an additional 4.5 GW from secured leases.
The deal is set for completion by Q3 2025. Bank of America is BP’s financial adviser, while Rothschild advises JERA.