Jera, BP launch new offshore wind joint venture

JERA and BP have completed the formation of JERA Nex BP, their new 50/50-owned joint venture (JV).

JERA Nex BP is a global offshore wind developer, owner and operator. The new JV’s portfolio of operating assets and development projects has a net potential generating capacity of 13 GW.

This includes around one GW of installed net generating capacity, a 7.5GW development pipeline, and an additional 4.5 GW of secured leases.

JERA Nex BP will initially focus on prioritised development of projects from its existing global pipeline while continuing to operate existing assets in Europe and Asia. BP said the JV will also seek to continuously prioritise and optimise its portfolio of projects based on value and will leverage access to external capital and competitive financing.

"The JV allows BP to optimise and decapitalise our low carbon energy portfolio as we continue to maintain optionality for electron flows and more material value realisation through this decade and the next," said William Lin, BP Executive Vice President for Gas and Low Carbon Energy.

The formation of the new JV was finalised on Friday, August 1.