Energy giant bp, and JERA, Japan’s largest power generation company, announced the completion of JERA Nex bp, combining each companies’ offshore wind assets to form a new equally-owned renewable joint venture.

According to the companies, the new joint venture has a net potential generating capacity of 13GW, which would establish it as one of the largest offshore wind developers, owners and operators globally.

The JV’s portfolio encompasses operational and development projects across nine countries, including 1GW of installed net generating capacity, a 7.5GW development pipeline and an additional 4.5GW of secured leases. When initially announcing plans for the joint venture in December 2024, bp and JERA agreed to provide up to $5.8 billion in capital funding for JERA Nex bp by the end of 2030.

Nathalie Oosterlinck, CEO JERA Nex bp said:

“JERA Nex bp begins life with a strong operating portfolio and an extensive development pipeline. 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 launch of the new venture follows the establishment of a new strategy by bp in February 2025, reallocating capital to increase oil and gas investment and reducing low carbon energy to less than 5% of the company’s capex allocation. bp also announced in July that it will sell its U.S. onshore wind business, bp Wind Energy, to power and energy infrastructure developer and operator LS Power.

William Lin, bp Executive Vice President for Gas & Low Carbon Energy, 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.”

bp and JERA have been building offshore wind portfolios since 2019, with bp currently developing the Morgan and Mona projects in the UK Irish Sea, and Oceanbeat East and Oceanbeat West in Germany’s North Sea and obtaining secured leases off Scotland and the east coast of the U.S., while JERA acquired Belgium offshore wind player Parkwind in 2023, and subsequently launched renewables platform JERA Nex, which owns and operates wind farms in Belgium, Germany, Japan and Taiwan, and has a development portfolio with projects in areas including Japan, Ireland, and Australia. Alongside the transaction, the companies also announced the launch of JERA Nex bp Japan, focused on developing and operating projects in Japan

The new company is headquartered in London, with offices across Europe, Asia, U.S. and Australasia.

Satoshi Yajima, Chief Renewable Energy Officer of JERA and CEO of JERA Nex, said:

“This is a landmark day for JERA’s renewable energy journey.  Our partnership with bp has accelerated the growth trajectory of JERA’s overall renewable energy strategy, and the completion of the JV formation reflects the strength and agility that will position JERA Nex bp for long-term success. With support from both partners, JERA Nex bp will serve as a cornerstone in helping the world realize a decarbonized energy future.”