JERA and BP have completed the formation of JERA Nex BP, a 50:50 offshore wind joint venture with a portfolio totalling 13GW of net potential capacity.
The portfolio includes 1GW of operating assets such as the 257MW Arcadis Ost 1 in Germany (pictured), 7.5GW in development, and 4.5GW of secured leases.
JERA Nex BP will focus initially on delivering projects from its existing pipeline in Europe and Asia, while continuing to operate current assets and optimise its portfolio.
Chief executive Nathalie Oosterlinck said: “We bring together two highly capable teams with the experience, relationships, purchasing power and unique global access of two of the East and West’s pre-eminent energy companies.”
BP executive vice president for gas and low carbon energy William Lin said the venture would allow the UK major to “progress a global pipeline of projects” while optimising its low-carbon portfolio.
JERA chief renewable energy officer Satoshi Yajima described the launch as “a landmark day” for the Japanese utility’s renewables strategy.
JERA Nex BP will be headquartered in London with a dedicated Japanese unit, JERA Nex BP Japan, led by Masato Yamada.
The partners said the JV will draw on both companies’ engineering, technical and project management expertise, as well as procurement networks.
“JERA Nex BP will initially focus on disciplined and prioritised development of projects from its existing global pipeline while continuing to safely and efficiently operate existing assets in Europe and Asia,” the company said.
“It will also seek to continuously prioritise and optimise its portfolio of projects based on value and will leverage access to external capital and competitive financing.”
UK trade envoy to Japan Sharon Hodgson MP said the venture “highlights [the UK’s] growing role in advancing clean energy solutions”.