Energy giant bp, and Japan’s largest power generation company, JERA, announced today the launch of JERA Nex bp, a new equally-owned joint venture combining each company’s offshore wind assets. With a total potential net generating capacity of 13 GW, the new venture will be one of the largest offshore wind developers, owners and operators globally.

As part of the new venture, the companies have committed to provide up to $5.8 billion in capital funding for JERA Nex bp by the end of 2030.

bp CEO Murray Auchincloss said:

“We are very pleased to have reached agreement with JERA to form a top five wind developer globally.  This will be a very strong vehicle to grow into an electrifying world, while maintaining a capital-light model for our shareholders.”

Both bp and JERA have been building offshore wind portfolios since 2019, with bp currently developing the Morgan and Mona projects in the UK Irish Sea, and Oceanbeat East and Oceanbeat West in Germany’s North Sea and obtaining secured leases off Scotland and the east coast of the U.S., while JERA acquired Belgium offshore wind player Parkwind last year, and subsequently launching renewables platform JERA Nex, which now owns and operates wind farms in Belgium, Germany, Japan and Taiwan, and has a development portfolio with projects in areas including Japan, Ireland, and Australia.

The new company will be based in London, and will include the offshore wind teams from JERA and JERA Nex and staff from bp’s offshore wind business. The combined contributed assets will include 1GW net generating capacity, a pipeline of development projects of approximately 7.5GW, and further secured leases with around 4.5GW of potential capacity.

The completion of the new JV is expected by the end of Q3 2025.

Yukio Kani, CEO of JERA said:

“Offshore wind has significant potential and is a critical component of the energy transition. The sector is at an inflection point, and we believe the transformative partnership launched today between our two companies combines the resources, capabilities, and network necessary to be a world-class offshore wind company, and in doing so, realise the potential of offshore wind globally, while positioning this business for long term success.