BP and JERA pool global offshore wind projects

Japan's largest power generation, JERA, and BP have agreed to combine their offshore wind businesses to form a new standalone, equally-owned joint venture that would one of the largest global offshore wind developers, owners and operators.

The combination will create a global business with a 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 $5.8bn.

The companies will contribute interests comprising operating assets with around 1GW net generating capacity, a pipeline of high-quality development projects with around 7.5GW capacity, and further secured leases with around 4.5GW of potential capacity. 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.

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.”

JERA first entered the offshore wind market in 2019 through investments in projects in the UK and Taiwan. In 2023 it acquired Belgium offshore wind player, Parkwind, and later used this business as a platform to spin out a focused renewables vehicle, JERA Nex, created to pursue the renewables target in JERA’s 2035 growth strategy. It owns and operates wind farms in Belgium, Germany, Japan and Taiwan and has a development portfolio that includes projects in Japan, Ireland, and Australia.

BP has been building a portfolio in offshore wind since 2019, and now has a development pipeline with total potential generating capacity of 9.7GW net (5.7GW development projects and a further 4GW secured leases). Development projects are the Morgan and Mona projects in the UK Irish Sea, and Oceanbeat East and Oceanbeat West in Germany’s North Sea, with secured leases off Scotland and the east coast of the US.

The new company will be based in London.



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