bp and JERA Form $6 Billion Offshore Wind Joint Venture

Energy giant bp and Japan’s largest power generator, JERA, have announced the formation of JERA Nex bp, a joint venture to develop one of the largest offshore wind portfolios globally. The venture will combine their offshore wind assets, with a potential net generating capacity of 13 GW, and aims to become a top-five player in the offshore wind sector.

Both companies have committed up to $5.8 billion in funding for the venture by 2030. Headquartered in London, JERA Nex bp will integrate offshore wind teams from JERA, JERA Nex, and bp, managing 1 GW of net generating capacity and a pipeline of approximately 7.5 GW, with additional leases totaling 4.5 GW of potential capacity.

The joint venture builds on both companies’ investments in offshore wind since 2019, including bp’s projects in the UK, Germany, Scotland, and the U.S., and JERA’s acquisition of Belgium-based Parkwind and subsequent renewables expansion.

bp CEO Murray Auchincloss stated, “This will be a very strong vehicle to grow into an electrifying world, while maintaining a capital-light model for our shareholders.”

JERA CEO Yukio Kani added, “Offshore wind has significant potential and is a critical component of the energy transition. This transformative partnership positions us to realize offshore wind’s global potential while securing long-term success.”

Completion of the venture is expected by Q3 2025.