BP and JERA Form Offshore Wind Business JERA Nex BP
Energy major BP and Japan’s largest utility JERA have completed the formation of their equally-owned offshore wind business JERA Nex BP.
JERA Nex BP’s portfolio of operating assets and development projects has a net potential generating capacity of 13GW. This includes around 1GW of installed net generating capacity, a 7.5GW development pipeline, and an additional 4.5GW of secured leases.
The new company will initially focus on disciplined and prioritised development of projects from its existing global pipeline while continuing to safely and efficiently operate existing assets in Europe and Asia.
It will also seek to continuously prioritise and optimise its portfolio of projects based on value and will leverage access to external capital and competitive financing.
The initial agreement to form the 50:50 joint venture was announced back in December last year. At the time, the partners agreed to provide capital funding for investments committed to before the end of 2030 of up to $5.8bn.
JERA Nex BP will be based in London, with Nathalie Oosterlinck named as the CEO of the newly formed company. The offshore wind teams from both JERA and BP’s offshore wind business will be moved into the new business.