bp and JERA Joining Forces to Create Top-tier Global Offshore Wind Joint Venture "JERA Nex bp"

(Source: bp official website)

bp and JERA Co., Inc. will form JERA Nex bp, a joint venture poised to become one of the largest global offshore wind power developers. The new entity combines operating assets and development projects, with a potential net generating capacity of 13 GW. Backed by $5.8 billion in funding through 2030, JERA Nex bp aims to expedite project development, optimize portfolios, and secure competitive financing. It will initially focus on projects in North-West Europe, Australia, and Japan while nurturing longer-term opportunities globally.

Contributing a mix of 1 GW of operating assets, 7.5 GW of development projects, and 4.5 GW of secured leases, JERA Nex bp will optimize its combined portfolio and prioritize projects in North-West Europe, Australia, and Japan. The collaboration focuses on creating value-driven, competitive developments in the renewable energy sector.

The CEOs of both bp and JERA emphasized the transformative potential of this partnership to position JERA Nex bp as a leading global offshore wind company. They highlighted the synergy of their networks, resources, and experience in Europe and Asia-Pacific to advance the energy transition.

JERA Nex bp will benefit from its partners' global partnerships, supply chain expertise, and trading capabilities. By leveraging their combined strengths, the company aims to lead value-driven offshore wind development. JERA and bp bring extensive experience, with JERA's acquisitions and bp's robust development pipeline shaping this venture. Completion of JERA Nex bp is expected by Q3 2025, positioning it as a key player in the renewable energy transition.