BP and Jera Nex merge offshore wind companies and target 13GW

The deal was announced on Monday (9 December) and will see the offshore wind divisions of both companies merge into a single “standalone 50:50 entity”, BP stated. 

The oil firm added that both partners agreed to provide capital funding of up to $5.8 billion for “investments committed to before [the] end of 2030…”

The merger follows BP’s previously announced plans to retreat from new offshore wind development and double down on fossil fuel generation, while focusing on its existing offshore wind projects and reportedly implementing a “hiring freeze”. 

Jera Nex BP’s new offshore wind portfolio includes around 1GW of operational capacity, plus 7.5W of projects currently under development and an additional 4.5GW of potential offshore wind from previously secured leases. 

“The sector is at an inflection point, and we believe the transformative partnership launched today between our two companies combines the resources, capabilities and network necessary to be a world-class offshore wind company, and in doing so, realise the potential of offshore wind globally, while positioning this business for long term success,” Yukio Kani, CEO of Jera, said.

BP chief executive Murray Auchincloss added that the new company would be a “strong vehicle” for “electrifying the world” while “maintaining a capital-light model for our shareholders”. 

Jera Nex was created by Japanese power firm Jera in April this year. It has headquarters in London and is targeting 20GW of renewable energy capacity by 2035.