JERA and bp launch JERA Nex bp offshore wind joint venture
JERA and bp have successfully launched their new 50:50 joint venture, JERA Nex bp, creating one of the world's largest offshore wind developers and operators.
The new London-headquartered company boasts an impressive portfolio with 13GW of net potential generating capacity, including approximately 1GW of installed capacity already operational, a substantial 7.5GW development pipeline, and an additional 4.5GW of secured leases across Europe and Asia.
JERA Nex bp will initially concentrate on the disciplined development of projects from its existing global pipeline whilst maintaining safe and efficient operations of current assets. The venture plans to continuously optimise its project portfolio based on value creation and will seek access to external capital and competitive financing options.
"JERA Nex bp begins life with a strong operating portfolio and an extensive development pipeline," said Nathalie Oosterlinck, the joint venture's CEO. "We bring together two highly capable teams with the experience, relationships, purchasing power and unique global access of two of the East and West's pre-eminent energy companies."
The partnership combines JERA's expertise in project delivery and safe operations with bp's extensive offshore energy experience. William Lin, bp's Executive Vice President for gas and low carbon energy, highlighted that the joint venture allows bp to "optimise and decapitalise" its low carbon energy portfolio whilst maintaining flexibility for future opportunities.
A dedicated Japanese subsidiary, JERA Nex bp Japan, has also been established under the leadership of Masato Yamada, former Managing Executive Officer of JERA, who will report to the main company's CEO.
The joint venture represents a strategic move in the rapidly expanding offshore wind sector, where global capacity is expected to grow significantly over the next decade as countries seek to meet net-zero commitments. By combining resources, the partnership aims to compete more effectively with established players whilst reducing individual capital exposure and risk for both parent companies.
The collaboration has received backing from both governments, with Mr. Takehiko Matsuo, Japan's Vice-Minister for International Affairs calling it "especially meaningful" and UK Trade Envoy to Japan Sharon Hodgson MP describing it as "another strong example of UK-Japan collaboration" in advancing clean energy solutions.
