BP, Japan’s Jera to merge offshore wind operations by ’30

BP Plc and Japan’s Jera Co. announced plans to merge their offshore wind operations into a joint venture named JERA Nex bp, with up to $5.8 billion in investment slated by 2030.

The new entity, to be based in London, aims to combine their assets and focus on projects in Europe, Australia, and Japan.

The venture allows BP to shift towards a capital-light model amid mounting shareholder pressure over its renewable energy strategy, which has struggled with shrinking profits and rising costs in the offshore wind sector.

BP Chief Executive Murray Auchincloss described the joint venture as a robust platform for sustainable growth in an electrifying world.

JERA Nex bp will integrate BP’s UK offshore wind projects, including two record-setting developments, and leverage Jera’s expertise as a global energy leader.

Jera, co-owned by Tokyo Electric Power Co. and Chubu Electric Power Co., plans to expand investments in LNG, renewables, and hydrogen.

The deal, with Bank of America advising BP and Rothschild advising Jera, is expected to close by Q3 2025.

Credit: Bloomberg

Subediting: M. S. Salama