bp and JERA Co., Inc. have announced a major joint venture, JERA Nex bp, combining their offshore wind businesses to create one of the largest global players in the sector. Equally owned by both companies, the venture boasts a 13GW potential net generating capacity, blending operational projects, development assets, and secured leases.
JERA Nex bp aims to accelerate offshore wind development, starting with projects in North-West Europe, Australia, and Japan, while nurturing a broader long-term pipeline. bp and JERA have committed up to $5.8 billion in capital funding for investments through 2030 to drive this vision forward.
The partners will contribute approximately 1GW of current operating capacity, 7.5GW in high-quality development projects, and 4.5GW in additional secured leases. By leveraging their strengths—bp’s expertise in Europe and JERA’s foothold in Asia-Pacific—the venture is well-positioned for growth.
JERA Nex bp will operate out of London, with leadership split between the two companies: JERA will nominate the CEO and bp the CFO. The new entity is expected to be operational by Q3 2025, pending regulatory approvals.
Murray Auchincloss, bp’s CEO, highlighted the joint venture as a step toward becoming a top-five global wind developer, calling it “a strong vehicle to grow into an electrifying world.” Similarly, JERA’s CEO Yukio Kani emphasized the partnership as “a transformative opportunity” to realize offshore wind’s global potential.
