Finance
BP, JERA form JV combining offshore wind operations
Published by Global Banking & Finance Review®
Posted on December 9, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 9, 2024
1 min readLast updated: January 27, 2026
BP and JERA have created a joint venture, JERA Nex bp, to combine their offshore wind operations, aiming for a 13 GW capacity, marking a strategic shift for BP.
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)
The main topic is the formation of a joint venture between BP and JERA to combine their offshore wind operations.
The joint venture has a potential generation capacity of 13 gigawatts.
BP is shifting its focus to higher-return operations, primarily in oil and gas, reducing its focus on renewables.
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