• Global Scale: bp and JERA combine expertise to create JERA Nex bp, targeting 13GW net offshore wind capacity.
• Disciplined Growth: The venture secures $5.8B funding with a focus on competitive, value-driven projects in Europe, Asia-Pacific, and beyond.
• Energy Transition Leadership: Offshore wind becomes a centerpiece for decarbonization and renewable energy innovation.

Why it matters:

Offshore wind is pivotal for decarbonizing hard-to-abate sectors and achieving global net-zero goals. bp and JERA are joining forces to accelerate progress with JERA Nex bp, set to become one of the top global offshore wind developers.

The news:

bp and JERA have announced the formation of a standalone 50:50 joint venture, JERA Nex bp, which combines operating and development assets totaling 13GW net generating capacity. The venture will focus on advancing offshore wind projects across North-West Europe, Japan, and Australia.

“Offshore wind has significant potential and is a critical component of the energy transition,” said Yukio Kani, CEO of JERA. “This partnership combines the resources, capabilities, and network necessary to be a world-class offshore wind company.”

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Funding and strategy:

JERA Nex bp has secured a funding framework of up to $5.8 billion to support growth through disciplined capital investment, competitive financing, and portfolio optimization. The partnership aims to leverage existing revenues, relationships, and the trading capabilities of both companies for optimal offtake arrangements.

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

The bigger picture:

JERA Nex bp builds on bp’s 9.7GW offshore wind pipeline and JERA’s existing wind projects across Belgium, Germany, Japan, and Taiwan. The joint venture aligns with JERA’s 2035 growth strategy and bp’s renewable energy expansion goals.

What’s next:

Based in London, JERA Nex bp plans to progress existing advanced developments, secure competitive projects, and position itself as a leader in offshore wind. Regulatory approvals are expected by Q3 2025, with offshore teams from both companies integrating into the venture.

Bottom line:

JERA Nex bp will play a key role in the global energy transition, advancing offshore wind innovation while delivering competitive and sustainable energy solutions. This partnership solidifies bp and JERA’s commitment to renewable energy leadership.

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