EU approves BP and JERA Nex offshore wind joint venture
The European Commission has given the green light to a major offshore wind joint venture between British energy giant BP and Japan's JERA, creating a company with significant renewable energy potential across multiple continents.
The 50:50 partnership, operating under the name Snowmass Holdings Ltd, combines BP Gamma and JERA Nex's offshore wind operations to form a substantial player in the global renewable energy market. The joint venture boasts an impressive portfolio totalling approximately 13 gigawatts of capacity.
This substantial capacity breaks down into 1GW of currently operational offshore wind farms, 7.5GW of projects under development, and 4.5GW of potential capacity secured through existing leases. The Commission concluded that the merger would not raise competition concerns due to the companies' limited combined market position.
The new entity will initially concentrate on advancing existing projects across North-West Europe, Australia, and Japan, focusing on the development, construction, and operation of offshore wind installations in these key markets.
JERA, jointly owned by Japanese utilities TEPCO and Chubu Electric Power, announced the partnership alongside BP in December 2024. The companies have committed approximately $5.8 billion in capital to finance investments through 2030, demonstrating their serious commitment to accelerating offshore wind development.
The approval represents a significant step forward for both companies' renewable energy ambitions and highlights the growing international collaboration in offshore wind development as nations seek to meet climate targets and energy security goals.
