UK-based bp and JERA have formalized the creation of JERA Nex bp, a joint venture dedicated to offshore wind energy that is set to become one of the most relevant global players in the sector. The company will operate under a 50:50 ownership model and will be focused on the development, ownership and operation of offshore projects projects in Europe, Asia and Oceania.
A robust portfolio with access to competitive financing
The new entity is born with a potential net generation capacity of 13 gigawatts (GW), comprised of approximately 1 GW in operating assets, 7.5 GW in advanced development and 4.5 GW in secured leases. This foundation will enable a disciplined growth strategy, supported by a clear financing framework and the combined expertise of both companies.
JERA Nex bp will be based in London and will leverage bp’s commercial and portfolio management capabilities, along with JERA’s expertise in executing projects in complex environments. Both companies have committed investments of up to $5.8 billion by 2030 to support key projects.
Regional focus: Europe, Asia-Pacific and Australia
Initially, the company will concentrate efforts on existing projects in northwest Europe, Japan and Australia, where it already has assets and operating licenses. This includes developments in the North Sea and the Irish Sea, as well as wind farms in Japan, Belgium and Taiwan. The complementarity of geographies strengthens the firm’s global position and allows it to scale solutions tailored to specific markets.
The operating model of JERA Nex bp seeks to combine efficiency and agility. The company will have a CEO appointed by JERA and a CFO appointed by bp, reflecting a shared structure with balanced decision making. This is in addition to the integration of the offshore wind wind energy teams from both organizations, consolidating technical talent and experience.
Synergies between bp and JERA with a long-term vision
The agreement capitalizes on the joint track record of bp and JERA in low-carbon energy initiatives. low-carbon energy initiativesincluding previous collaborations in liquefied natural gas, solar and hydrogen. Now, with JERA Nex bp, both groups are committed to consolidating their role in the energy transition through competitive projects that generate value and allow them to adapt to new regulatory and environmental requirements.
The company also plans to diversify its revenue streams through asset optimization, selective stake sales and power purchase agreements (PPAs) in key markets. (PPAs) in key markets.
With this alliance, BP and JERA reinforce their commitment to a cleaner global energy matrix, focusing on scalability and access to capital as differentiating factors in the offshore wind business.
Source and photo: Park Wind