bp, JERA to create global offshore wind joint venture

bp and Japan's JERA announced on Monday that they will create a new joint venture aimed at becoming one of the largest global offshore wind developers.

The new entity, named JERA Nex bp, will combine their expertise to establish a business with a portfolio of operating assets and development projects, totaling a potential 13 GW of generating capacity, the British energy giant said in a statement, News.Az reports.

JERA Nex bp will initially focus on projects in North-West Europe, Australia, and Japan, with plans to accelerate development from the combined pipeline and improve access to competitive financing.

The companies aim to invest up to $5.8 billion in projects committed before 2030.

The venture is expected to be finalized by the end of the third quarter of 2025, pending regulatory approvals. BP's CEO, Murray Auchincloss, stated that this collaboration will serve as a powerful platform for growth in the transition to a more electrified world, all while maintaining a capital-light approach for shareholders.

News.Az