- BP
- 09 December 2024 12:21:10
Source: Sharecast
The equally owned joint venture, called JERA Nex BP, will see BP and Japanese firm JERA provide up to $5.8bn in capital funding for investments before the end of 2030.
It will become one of the world's largest offshore wind developers, owners and operators, according to BP, with a total 13GW of potential net generating capacity – comprising of current operating assets with 1GW capacity, a pipeline of projects with 7.5GW capacity and further secured leases with 4.5GW capacity.
The company will focus initially on progressing existing projects across North West Europe, Australia and Japan.
BP's chief executive Murray Auchincloss said: "We are very pleased to have reached agreement with JERA to form a top five wind developer globally. This will be a very strong vehicle to grow into an electrifying world, while maintaining a capital-light model for our shareholders."
BP said itself and JERA have complementary businesses, having both entered the offshore wind market in 2019, and the partnership builds on their "successful cooperation over many years".
The joint venture, which will be based in London, is expected to formally complete in the third quarter of 2025, subject to regulatory and other approvals.
BP's shares were up 3.5% at 391.1p by 1218 GMT following the announcement.