- Creating strategic platform for growth, combining high-quality operating and development offshore wind assets, with total 13GW potential net generating capacity.
- Building on history of partnership and combining complementary expertise, standalone 50:50 venture initially to progress existing advanced developments from extensive portfolio.
- Building on history of partnership and combining complementary expertise, standalone 50:50 venture initially to progress existing advanced developments from extensive portfolio.
bp and JERA Co., Inc. have agreed to combine their offshore wind businesses to form a new standalone, equally-owned joint venture that will become one of the largest global offshore wind developers, owners and operators.
The combination will create a global business, to be called JERA Nex bp, with a balanced mix of operating assets and development projects with total 13GW potential net generating capacity. Formation of JERA Nex bp is intended to accelerate development from the combined pipeline and bolster access to competitive financing. Supporting this, the partners have agreed to provide capital funding for investments committed to before end of 2030 of up to $5.8 billion.
The companies will contribute interests comprising operating assets with around 1GW net generating capacity, a strong pipeline of high-quality development projects with around 7.5GW capacity, and further secured leases with around 4.5GW of potential capacity. JERA Nex bp will pursue value-driven development of competitive projects, as well as optimising its extensive combined portfolio. Initially it is expected to focus on progressing existing projects in North-West Europe, Australia and Japan, and to continue to mature the development pipeline of significant longer-term opportunities.
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. Today’s announcement also demonstrates JERA’s commitment to the offshore business in Europe, Japan and the rest of the world and is a natural evolution of our strategy that places collaboration at the heart of our approach to renewables.
Yukio Kani, CEO of JERA
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. Today’s announcement also demonstrates JERA’s commitment to the offshore business in Europe, Japan and the rest of the world and is a natural evolution of our strategy that places collaboration at the heart of our approach to renewables.
Yukio Kani, CEO of JERA
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. Today’s announcement also demonstrates JERA’s commitment to the offshore business in Europe, Japan and the rest of the world and is a natural evolution of our strategy that places collaboration at the heart of our approach to renewables.
Yukio Kani, CEO of JERA
Clear funding framework
bp and JERA Co., Inc. have agreed to combine their offshore wind businesses to form a new standalone, equally-owned joint venture that will become one of the largest global offshore wind developers, owners and operators.
The combination will create a global business, to be called JERA Nex bp, with a balanced mix of operating assets and development projects with total 13GW potential net generating capacity. Formation of JERA Nex bp is intended to accelerate development from the combined pipeline and bolster access to competitive financing. Supporting this, the partners have agreed to provide capital funding for investments committed to before end of 2030 of up to $5.8 billion.
Clear funding framework
The companies will contribute interests comprising operating assets with around 1GW net generating capacity, a strong pipeline of high-quality development projects with around 7.5GW capacity, and further secured leases with around 4.5GW of potential capacity. JERA Nex bp will pursue value-driven development of competitive projects, as well as optimising its extensive combined portfolio. Initially it is expected to focus on progressing existing projects in North-West Europe, Australia and Japan, and to continue to mature the development pipeline of significant longer-term opportunities.