UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
BP and JERA join forces to create top-tier global offshore wind joint venture
8/1/2025
News
BP and Japan’s largest power generation company JERA have agreed to combine their offshore wind businesses to form a new 50:50 joint venture that will rank among the top five players in the global wind sector.
The new company will be called JERA Nex BP. It will have a total 13 GW of potential net generating capacity, comprising some 1 GW of operating assets, a pipeline of development projects with around 7.5 GW capacity, and a further 4.5 GW of secured leases.
The joint venture will be supported by a capital commitment up to $5.8bn from the two partners. Operations are expected to focus initially on progressing existing projects in north-west Europe, Australia and Japan, as well as developing significant longer-term opportunities.
‘Offshore wind has significant potential and is a critical component of the energy transition,’ commented Yukio Kani, CEO of JERA. Murray Auchincloss, BP CEO, added that the new venture would ‘be a very strong vehicle to grow into an electrifying world, while maintaining a capital-light model for our shareholders’.
Longstanding partners
BP and JERA (a joint venture between Tokyo Electric Power Company (TEPCO) and Chubu Electric Power) have a long partnership history, both historically in LNG and more recently in pursuing possibilities for cooperation in solar, hydrogen and low-carbon fuels.
JERA first entered the offshore wind market in 2019 through investments in projects in the UK and Taiwan. In 2023 it acquired Belgium offshore wind player, Parkwind, using this as a basis to develop a focused renewables vehicle, JERA Nex. It owns and operates wind farms in Belgium, Germany, Japan and Taiwan and has a development portfolio that includes projects in Japan, Ireland and Australia.
BP has been building a portfolio in offshore wind since 2019 and now has a development pipeline with total potential generating capacity of 9.7 GW net (5.7 GW development projects and a further 4 GW secured leases). Development projects include the Morgan and Mona projects in the UK Irish Sea, and Oceanbeat East and Oceanbeat West in Germany’s North Sea, and secured leases off Scotland and the east coast of the US.
JERA Nex BP will be based in London, UK.
Meanwhile, in related news, a consortium led by JERA, and including Green Power Investment and Tohoku Electric Power Company, has secured the rights to develop and operate a wind farm offshore Aomori Prefecture in the Sea of Japan. With a planned power generation capacity of 615 MW, the Tsugaru Offshore Energy Community project will be one of the largest offshore wind power generation developments in Japan. The wind farm is targeted to start operations in June 2030.
Also, a consortium including BP has secured the rights to develop a 450 MW wind farm off the coast of Japan. The Yamagata Yuza Offshore Wind consortium comprises BP, Kansai Electric Power Company, Marubeni Corporation, Marutaka Corporation and Tokyo Gas.
According to the Energy Institute’s 2024 Statistical Review of World Energy, wind accounted for 4.5% (10 TWh) of Japan’s renewable electricity generation in 2023, from an installed wind turbine capacity of 5,232 MW. Renewables as a whole accounted for 15% (149 TWh) of the country’s electricity generation in 2023. This was overshadowed by natural gas at 321 TWh (31.7%) and coal at 304 TWh (30%).
