BP and JERA form a strategic joint venture to become a global leader in offshore wind energy

BP and JERA join forces to create JERA Nex BP, a joint venture aimed at developing a 13 GW offshore wind project portfolio. This strategic initiative reflects a disciplined growth model while strengthening their presence in Europe and Asia-Pacific.

Share:

BP and Japan’s leading electricity provider JERA have announced the creation of JERA Nex BP, a joint venture designed to become a global leader in offshore wind energy. Based in London, this entity aims to develop a combined offshore wind project portfolio with a net capacity of 13 GW, including operational assets, development projects, and secured leases for future capacities.

With this alliance, BP and JERA consolidate their presence in strategic markets such as Northwest Europe, Japan, and Australia. This joint venture also marks a significant step in their longstanding collaboration, which extends to other sectors such as liquefied natural gas (LNG) and renewable energy.

An ambitious and diversified portfolio

The joint venture will combine approximately 1 GW of net operational capacities, 7.5 GW of development projects, and 4.5 GW of secured leases. Key projects include:
– Morgan and Mona in the UK, with a combined capacity of 1.5 GW.
– Oceanbeat East and Oceanbeat West in Germany, totaling 4.2 GW.
– Projects in Ireland, Japan, and Australia, such as Oriel and Blue Mackerel.

Operational assets, including wind farms in Belgium (Belwind, Nobelwind) and Taiwan (Formosa 1 and 2), will provide a solid foundation for the joint venture. This diversified portfolio will position JERA Nex BP as a key player in the global energy transition.

A structured and disciplined financing model

The financing model reflects a disciplined and efficient approach. Both partners have agreed to invest up to $5.8 billion by 2030 while minimizing their net contributions through revenues generated from asset management and optimization. JERA Nex BP will also benefit from competitive financing and synergies arising from the established relationships of both groups in the global energy supply chain.

BP CEO Murray Auchincloss emphasized the importance of this model: “This joint venture allows us to meet the growing demand for renewable electricity while optimizing returns for our shareholders.”

Governance and collaboration

JERA Nex BP’s governance structure reflects the balanced contributions of both groups. The CEO will be appointed by JERA, while BP will nominate the Chief Financial Officer. Offshore wind teams from both companies will integrate into the joint venture, strengthening its technical and operational expertise.

JERA CEO Yukio Kani stated: “This joint venture demonstrates our commitment to offshore wind, a critical technology to achieve our long-term energy goals.”

A global strategy in a shifting energy landscape

This initiative comes at a time when major energy companies are revisiting their priorities. While BP and Shell reduce investments in renewables to refocus on projects offering immediate financial returns, JERA Nex BP represents an opportunity for long-term growth in a critical sector of the energy transition.

With significant development capacity and a rigorous financing model, JERA Nex BP is well-positioned to capitalize on the global demand for renewable energy while ensuring optimized asset management.

Dstgroup, through its subsidiary dstventures, invests €1.5mn ($1.62mn) in Gazelle Wind Power and commits to building the structures for the Nau Azul project, marking progress for the floating wind industry in Portugal.
Iberdrola strengthens its financial position with a new five-year credit facility, signed with 32 banks, to support investments in power grids and renewable energy, particularly in the United States.
German group wpd takes over the teams and a portfolio of 17 wind projects from Calycé, consolidating its position in the French market and expanding its regional presence, particularly in the Grand Est, with the support of Envinergy.
SPIE Wind Connect partners with Van Oord to connect and test 21 high-voltage cables for the Windanker offshore wind farm, marking a key milestone in the development of Germany’s offshore wind sector.
Envision Energy and FERA Australia announce an agreement to develop up to 1 GW of wind and 1.5 GWh of storage on the Australian market, laying the foundation for a new hybrid power plant model.
Kinder Morgan, Inc. reports strong financial results for the second quarter of 2025, with net profit up 24% and a project backlog boosted by major new investments in natural gas transportation.
CenterPoint Energy remains vigilant as Invest 93L approaches, deploying emergency plans and pursuing upgrades to its electrical infrastructure across the Greater Houston area.
The Georgia Public Service Commission approves the 2025 Integrated Resource Plan, which includes major investments in generation, storage and the grid to address the strong rise in electricity demand.
German group RWE has completed installation of all 100 monopile foundations at Sofia, a 1.4 GW offshore wind farm located 195 kilometres from the British coast, marking a major step in the construction of the project.
Norwegian industrial group Aker ASA achieved a strong surge in its share price in the first half, expanded its diversification into real estate, and executed major transactions despite global energy market volatility.
ADNOC announces the transfer of 24.9% of its shares in OMV to its subsidiary XRG, continuing the streamlining of its international assets and preparing the creation of Borouge Group International.
The SMI China Forum brings together international and Chinese leaders for dialogue on supply chains, investment and energy innovation, marking a major step in public-private sector cooperation.
Mining group BHP sees low-emission iron production in Australia as unprofitable, just as Canberra and Beijing announce closer cooperation to decarbonise the global steel industry.
Greece’s wind sector reaches a new milestone with 5.5 GW installed, driven by 37 new turbines and €180 mn in investments during the first half of 2025, according to ELETAEN.
Aker Carbon Capture distributed $162mn in dividends to its shareholders, a direct consequence of significant asset disposals and a substantial restructuring of its balance sheet in the second quarter of 2025.
Equinor ASA acquired 2.1 mn of its own shares on the Oslo Stock Exchange for a total of $201 mn between July 7 and 11, continuing the second phase of its 2025 buyback programme.
Norwegian group Aker Horizons transfers all its activities to a subsidiary of Aker ASA, sells major assets and prepares its new strategy after a half-year net loss of $220mn.
Nomura Real Estate has signed a power purchase agreement for its new Tokyo headquarters with wpd and GPSS Group, supplying the Higashi Izu Furusato wind project with a capacity of 7.48 MW.
Energiequelle completes the commissioning of two Enercon E-160 turbines in Raßlitz, replacing previous models and increasing the installed capacity of the Saxony site more than fivefold.
South Texas Electric Cooperative is seeking proposals for the acquisition or purchase of energy for 500 MW of dispatchable capacity, aiming to strengthen long-term supply security in the ERCOT region.