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BP, JERA form JV combining offshore wind operations

Published by Global Banking & Finance Review

Posted on December 9, 2024

1 min read

· Last updated: January 27, 2026

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Offshore wind farm illustrating BP and JERA's new joint venture - Global Banking & Finance Review
Image depicting a modern offshore wind farm, symbolizing the joint venture between BP and JERA, focusing on renewable energy advancements in finance.
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BP and JERA Collaborate on Offshore Wind Operations

By Ron Bousso

LONDON (Reuters) -BP and Japanese power generator JERA said on Monday they have agreed to form a standalone joint venture combining their offshore wind operations.

The 50-50 venture, called JERA Nex bp, will include operating assets and development projects with a potential generation capacity of 13 gigawatts, BP said in a statement.

The move is a key step in CEO Murray Auchincloss's drive to reduce BP's focus on renewables in order to focus on higher-return operations, primarily in oil and gas.

(Reporting by Ron Bousso; editing by Jason Neely)

Key Takeaways

  • BP and JERA form a 50-50 joint venture.
  • The venture is named JERA Nex bp.
  • Focus on offshore wind operations.
  • Potential generation capacity of 13 gigawatts.
  • BP shifts focus from renewables to oil and gas.

Frequently Asked Questions

What is the main topic?
The main topic is the formation of a joint venture between BP and JERA to combine their offshore wind operations.
What is the capacity of the new venture?
The joint venture has a potential generation capacity of 13 gigawatts.
Why is BP shifting its focus?
BP is shifting its focus to higher-return operations, primarily in oil and gas, reducing its focus on renewables.

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