JERA and bp have completed the formation of JERA Nex bp, their new 50:50 joint venture focused on offshore wind energy.

According to information released by bp, JERA Nex bp is a global offshore wind developer, owner, and operator. Its portfolio of operational assets and development projects represents a potential net generation capacity of 13 GW. This includes approximately 1 GW of installed net generation capacity, a 7.5 GW development pipeline, and an additional 4.5 GW in secured lease areas.

The joint venture will initially focus on the disciplined and prioritized development of its current global project pipeline, while continuing to safely and efficiently operate its existing assets in Europe and Asia. It will also work to continually optimize and prioritize its project portfolio based on value and will leverage access to external capital and competitive financing.

Nathalie Oosterlinck, CEO of JERA Nex bp, stated that “JERA Nex bp launches with a strong operational base and a large development pipeline. We are bringing together two highly capable teams with the experience, relationships, purchasing power, and global reach of two of the world’s leading energy companies from East and West. This gives us the expertise and insight to find new ways to unlock value from offshore wind and establish ourselves as one of the global leaders in the sector.”

William Lin, bp’s executive vice president of gas and low carbon energy, added that “this launch marks a significant milestone for JERA Nex bp, and we are proud to be partners in this top-tier global offshore wind developer. The joint venture allows bp to optimize and de-risk our low-carbon energy portfolio, while retaining optionality on electrons and delivering greater material value through this decade and beyond.”

Satoshi Yajima, Executive Officer of JERA and CEO of JERA Nex, said that “this alliance with bp has accelerated the growth of JERA’s overall renewables strategy, and the formation of the joint venture reflects the strength and agility that will position JERA Nex bp for long-term success.”