JERA and bp have officially completed the formation of JERA Nex bp, a new 50:50-owned joint venture poised to become a leading global offshore wind developer, owner, and operator. The transaction, finalized on August 1, consolidates a substantial portfolio with a net potential generating capacity of 13 gigawatts (GW), comprising approximately 1 GW of installed operational capacity, a 7.5 GW development pipeline, and an additional 4.5 GW of secured leases across key global markets. This strategic alliance is set to significantly impact the offshore wind landscape by combining the extensive experience and financial capabilities of two pre-eminent energy companies.

Nathalie Oosterlinck, CEO of JERA Nex bp, emphasized the venture's unique position, stating, "We bring together two highly capable teams with the experience, relationships, purchasing power and unique global access of two of the East and West’s pre-eminent energy companies. This gives us the expertise and experience to find new ways to create value from offshore wind and become one of the world’s leading companies in the sector." The new entity will initially prioritize disciplined development of its existing global pipeline while ensuring the safe and efficient operation of current assets in Europe and Asia.

William Lin, BP Executive Vice President for Gas & Low Carbon Energy, highlighted the strategic rationale for bp, noting, "The JV allows bp to optimize and decapitalize our low carbon energy portfolio as we continue to maintain optionality for electron flows and more material value realization through this decade and the next." The joint venture aims to continuously optimize its project portfolio based on value, leveraging access to external capital and competitive financing to drive growth and efficiency.

As part of the broader establishment, JERA Nex bp Japan has also been formed, dedicated to advancing offshore wind projects within Japan. Masato Yamada, formerly a managing executive officer at JERA, has been appointed as its CEO, reporting directly to the CEO of JERA Nex bp. The formation of this joint venture follows an agreement signed late last year between bp and JERA to merge their offshore wind businesses, which subsequently received approval from the European Commission in May. Headquartered in London, JERA Nex bp is designed to harness the complementary strengths of both parent companies, combining JERA's project delivery and operational expertise with bp's extensive offshore energy experience and robust procurement capabilities, positioning it for long-term success in the rapidly expanding global offshore wind market.