A New Joint Venture in Renewable Energy

BP plc has announced a significant partnership with Japanese electric company JERA. The two companies will form a standalone, equally-owned joint venture named JERA Nex bp, dedicated to offshore wind energy production.

This new venture aims to harness a potential net generating capacity of 13GW, with initial focus on developing existing projects in North-West Europe, Australia, and Japan. The formation of JERA Nex bp is expected to be finalized by the end of the third quarter of 2025.

BP and JERA are committing to invest up to $5.8 billion by the end of 2030. "This will be a very strong vehicle to grow into an electrifying world, while maintaining a capital-light model for our shareholders," stated BP CEO Murray Auchincloss.