Photo credit: JERA Co., Inc.
Bp is teaming up with JERA Co., Inc. engaged in the fuel upstream business and LNG vessel business, to create one of the world’s biggest offshore wind operations.
Both parties have agreed to combine their offshore wind businesses to form a new standalone, equally-owned offshore wind joint venture.
The new entity, to be called JERA Nex bp, will have a balanced mix of operating assets and development projects with a total 13GW potential net generating capacity.
JERA Nex bp will be based in London. 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.
The parties have agreed to work to complete formation of JERA Nex bp, subject to regulatory and other approvals, with completion expected by the end of the third quarter of 2025.
“Offshore wind has significant potential and is a critical component of the energy transition,” said Yukio Kani, global CEO and chair of JERA.
The entity will pursue value-driven development of competitive projects, JERA said, as well as optimising its extensive combined portfolio.
Initially, JERA Nex bp is expected to focus on progressing existing projects in North-West Europe, Australia and Japan, and to continue to mature the development pipeline of significant longer-term opportunities.
JERA entered the offshore wind market in 2019 through investments in projects in the UK and Taiwan.
In 2023 it acquired Belgium offshore wind player, Parkwind, and later used this business as a platform to spin out a focused renewables vehicle, JERA Nex, created to pursue the renewables target in JERA’s 2035 growth strategy.
It owns and operates wind farms in Belgium, Germany, Japan and Taiwan and has a development portfolio that includes projects in Japan, Ireland and Australia.
