bp and Jera have agreed to combine their offshore wind businesses to form a new standalone, equally-owned joint venture named Jera Nex bp. The partnership will see capital funding commitments for investments up to $5.8 billion by the end of 2030.
The companies will contribute operating assets with around 1 GW net generating capacity, a pipeline of development projects with around 7.5 GW capacity, and secured leases with approximately 4.5 GW of potential capacity. Initially, the focus will be on progressing existing projects in North-West Europe, Australia, and Japan, while maturing a development pipeline of significant long-term opportunities.
Jera Nex bp will be based in London. Jera will nominate the CEO, and bp will nominate the CFO. Offshore wind teams from Jera and Jera Nex, along with staff from bp’s offshore wind business, are expected to transition into the new joint venture.
The formation of Jera Nex bp is subject to regulatory and other approvals, with completion expected by the end of the third quarter of 2025.
