BP’s subsidiary BP Gamma and JERA Nex, a renewables arm of Japan’s JERA, have received European Commission (EC) approval to form a joint venture focused on offshore wind projects.
The EC concluded that the notified transaction would not raise competition concerns, given the companies’ limited combined market position resulting from the proposed transaction.
The JERA Nex bp joint venture will focus on the development, construction, and operation of offshore wind farms.
At the end of last year, BP and JERA signed an agreement to combine their offshore wind businesses to establish a new standalone company.
The JERA Nex bp has around 1 GW of operational offshore wind farms, a pipeline of projects in development of around 7.5 GW, and around 4.5 GW of potential further capacity in secured leases.
The company will initially progress existing advanced developments from the joint portfolio and is expected to focus on the existing offshore wind projects in North-West Europe, Australia, and Japan.
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