The European Commission has approved the creation of an offshore wind joint venture by JERA Nex and BP Gamma.
Last December, JERA and BP agreed to combine their offshore wind businesses to form the joint venture JERA Nex BP.
The 50:50 company will have a balanced mix of operating assets and development projects with total 13GW potential net generating capacity, the companies said.
They intend to accelerate development from the combined pipeline and bolster access to competitive financing.
The European Commission concluded that the transaction would not raise competition concerns, given the companies’ limited combined market position resulting from the proposed transaction.
The notified transaction was examined under the simplified merger review procedure.