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)
