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BP PLC on Monday announced it is teaming up with Tokyo-based JERA Co Inc to combine their offshore wind businesses to form a new joint venture. London-based oil major BP said the equally-owned JV will ‘become one of the largest global offshore wind developers, owners and operators.’ Jera is Japan’s largest power generation company, according to the company. The new business will be called JERA Nex bp and will have a total 13 gigawatt potential net generating capacity. The companies agreed to provide capital funding for investments committed to before the end of 2030 of up to $5.8 billion. JERA Chief Executive Officer Yukio Kani said: ‘Offshore wind has significant potential and is a critical component of the energy transition. 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. Today’s announcement also demonstrates JERA’s commitment to the offshore business in Europe, Japan and the rest of the world and is a natural evolution of our strategy that places collaboration at the heart of our approach to renewables.’ BP shares rose 1.5% to 383.55 pence each on Monday morning in London, giving it a market capitalisation of £61.50 billion. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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