13 GW Offshore Wind Joint Venture JERA Nex bp Launched

JERA and BP have completed the formation of JERA Nex bp, which holds a portfolio of operating assets and development projects with a net potential generating capacity of 13 GW.

The new 50:50-owned joint venture is a global offshore wind developer, owner, and operator. The portfolio includes around 1 GW of installed net generating capacity, a 7.5 GW development pipeline, and an additional 4.5 GW of secured leases.

“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,” said Nathalie Oosterlinck, CEO of JERA Nex bp.

JERA Nex bp 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 company added.

“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,” said William Lin, BP Executive Vice President for Gas & Low Carbon Energy.

With the transaction completed on 1 August, JERA Nex bp Japan, dedicated to developing and operating projects in Japan, has also been established, with Masato Yamada, former managing executive officer of JERA, appointed as CEO. He will report to the CEO of JERA Nex bp.

At the end of last year, BP and JERA signed an agreement to combine their offshore wind businesses to establish a new standalone company.

In May, the joint venture, which will be headquartered in London, received approval from the European Commission (EC).

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