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.

Murray Auchincloss, chief executive office:

“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. We very much look forward to combining our strengths in Europe and Asia-Pacific to create another innovative platform.”

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. 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.”

Murray Auchincloss, bp CEO 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. We very much look forward to combining our strengths in Europe and Asia-Pacific to create another innovative platform.”


William Lin, bp executive vice president for gas & low carbon energy, added:

“Building on our successful cooperation over many years, this will bring together bp and JERA's complementary businesses to create scale, with a mix of high-quality operating assets and development projects. JERA Nex bp will be a major offshore wind player - developing the most competitive projects, continually high-grading its portfolio, investing with tight discipline, and securing optimal offtake arrangements. We look forward to expanding our partnership with JERA through this exciting opportunity.”

JERA Nex bp will be based in London. Its CEO will be nominated by JERA and the CFO by bp. On completion, offshore wind teams from both JERA and JERA Nex and staff from bp’s offshore wind business will be expected to move into the new business.

The parties have agreed to work to complete formation of JERA Nex bp, subject to regulatory and other approvals, with completion expected by end of the third quarter of 2025.

 

Source: bp

 

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