Regulatory body announcements or confirmations from BP and JERA

BP, JERA to Merge Offshore Wind Businesses in $5.8 Billion Venture, Aiming for World Leadership

Dec 9, 2024, 10:28 AM

BP and Japan's JERA have announced plans to merge their offshore wind businesses into a new joint venture, aiming to create one of the largest global offshore wind developers. The new entity will see investments of up to $5.8 billion by 2030, with both companies committing to fund the development of offshore wind projects. This partnership comes as BP seeks to reduce its exposure to the struggling green power sector, while JERA, backed by Tokyo Electric Power Company and Chubu Electric Power, looks to expand its renewable energy portfolio. The joint venture is expected to be established in London by September 2025, with the goal of becoming a world leader in offshore wind power.