bp and JERA Form Global Offshore Wind Venture Targeting 13GW Capacity

bp and JERA have announced a new joint venture, JERA Nex bp, aiming to develop 13GW of offshore wind capacity across key markets in Europe, Asia-Pacific, and beyond. The collaboration combines the strengths of both companies, positioning the new venture as a major player in the renewable energy sector.

The joint venture, structured as a 50:50 partnership, will focus on advanced offshore wind projects across North-West Europe, Japan, and Australia. With a funding framework of $5.8 billion, JERA Nex bp aims to prioritize disciplined growth through competitive investments and strategic portfolio management. The initiative builds on bp’s 9.7GW offshore wind portfolio and JERA’s wind energy projects in Belgium, Germany, Japan, and Taiwan.

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

The venture’s strategic direction aligns with JERA’s 2035 growth plan and bp’s broader renewable energy goals. Murray Auchincloss, CEO of bp, highlighted the importance of maintaining a capital-efficient approach while advancing global renewable energy solutions. “This will be a very strong vehicle to grow into an electrifying world, while maintaining a capital-light model for our shareholders,” Auchincloss stated.

JERA Nex bp will be headquartered in London, where teams from both companies will collaborate to advance existing offshore wind projects and secure new, competitive opportunities. Regulatory approvals for the joint venture are expected by the third quarter of 2025.

The partnership underscores the growing importance of offshore wind as a key driver in achieving global decarbonization targets. By combining their expertise, bp and JERA aim to accelerate the deployment of renewable energy infrastructure while setting a benchmark for sustainable energy innovation.