BP Plc and Japanese energy giant JERA Co. are combining their offshore wind operations into a new London-based venture, marking the latest consolidation in the increasingly competitive renewable energy sector.
The 50-50 partnership, to be called JERA Nex bp, will have around 13 gigawatts of potential generating capacity across operating assets and development projects. The deal gives JERA, a joint venture between Tokyo Electric Power Co. and Chubu Electric Power Co., a stronger foothold in key European markets while providing BP with enhanced access to growing Asian renewables demand.
The partners pledged up to $5.8 billion in capital funding through 2030, though actual equity investment may be lower depending on project financing and potential asset sales. The venture currently operates about 1 gigawatt of wind farms across the UK, Germany, Belgium, Japan and Taiwan.
Industry observers note the partnership comes as offshore wind developers face rising costs and project delays. Several major players have recently written down investments or canceled projects entirely due to supply chain issues and higher interest rates.
The deal, expected to close by Q3 2025 pending regulatory approval, will see JERA nominate the CEO while BP appoints the CFO. BP’s existing South Korean wind partnerships will remain separate from the new venture.
According to sector analysts, the combination creates one of the world’s five largest offshore wind developers at a time when scale is increasingly critical for project success.
