BP and JERA, Japan’s largest power generation company, have announced the completion of JERA Nex bp, a renewable joint venture combining their offshore wind assets. This equally-owned venture is set to become one of the largest global developers, owners, and operators in the offshore wind sector, with a net potential generating capacity of 13GW.
The joint venture’s portfolio includes projects across nine countries, featuring 1GW of installed net generating capacity, a 7.5GW development pipeline, and an additional 4.5GW of secured leases. Initially announced in December 2024, BP and JERA committed up to $5.8 billion in capital funding for JERA Nex bp by the end of 2030.
Nathalie Oosterlinck, CEO of JERA Nex bp, stated, “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.”
This venture follows BP’s new strategy established in February 2025, which reallocates capital towards increased oil and gas investment while reducing low carbon energy to less than 5% of the company’s capex allocation. BP also announced plans to sell its U.S. onshore wind business, BP Wind Energy, to LS Power.
William Lin, BP Executive Vice President for Gas & Low Carbon Energy, commented, “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 developing offshore wind portfolios since 2019. BP is currently working on the Morgan and Mona projects in the UK Irish Sea and Oceanbeat East and Oceanbeat West in Germany’s North Sea, with secured leases off Scotland and the U.S. east coast. JERA acquired Belgium offshore wind player Parkwind in 2023 and launched JERA Nex, which operates wind farms in Belgium, Germany, Japan, and Taiwan, with a development portfolio in Japan, Ireland, and Australia. The companies also announced JERA Nex bp Japan, focusing on projects in Japan.
The new company is headquartered in London, with offices across Europe, Asia, the U.S., and Australasia. Satoshi Yajima, Chief Renewable Energy Officer of JERA and CEO of JERA Nex, remarked, “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.”
