JERA and bp have finished creating JERA Nex bp, their new joint venture (JV) that they hold equally.
JERA Nex bp is a worldwide developer, owner, and operator of offshore wind energy farms. The new company’s portfolio of operational assets and development projects could produce a total of 13GW of power. This comprises around 1GW of installed net producing capacity, a 7.5GW development pipeline, and another 4.5GW of leases that have been acquired.
At first, JERA Nex bp will concentrate on carefully and strategically developing projects from its existing worldwide pipeline. At the same time, it will continue to safely and effectively run its current assets in Europe and Asia. It will also try to always put the most valuable initiatives at the front of its list and make the most of outside funding and competitive financing.
Nathalie Oosterlinck, CEO of JERA Nex bp, said: “JERA Nex bp begins life with a strong operating portfolio and an extensive development pipeline. 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. This gives us the expertise and experience to find new ways to create value from offshore wind and become one of the world’s leading companies in the sector.”
William Lin, bp Executive Vice President for Gas & Low Carbon Energy, added: “Today’s launch marks an important delivery milestone for JERA Nex bp and we are proud to be a partner in this top-tier global offshore wind developer. The JV allows bp to optimize and decapitalize our low carbon energy portfolio as we continue to maintain optionality for electron flows and more material value realization through this decade and the next.
“JERA is a phenomenal partner with an impressive operating and development portfolio, wealth of expertise and complementary capabilities. With a disciplined, value-driven focus for development, JERA Nex bp will be an incredible vehicle to progress a global pipeline of projects.”
Satoshi Yajima, chief renewable energy officer of JERA and CEO of JERA Nex, said: “This is a landmark day for JERA’s renewable energy journey. Our partnership with bp has accelerated the growth trajectory of JERA’s overall renewable energy strategy, and the completion of the JV formation reflects the strength and agility that will position JERA Nex bp for long-term success. With support from both partners, JERA Nex bp will serve as a cornerstone in helping the world realize a decarbonized energy future.”
The transaction was completed on August 1, and JERA Nex bp Japan was also set up. It is focused on creating and running projects in Japan. Masato Yamada, who used to be JERA’s Managing Executive Officer, is now the company’s CEO. The CEO of JERA Nex bp will be his direct report.
bp and JERA have been working together for a long time. JERA Nex bp combines the best of both firms. JERA is good at executing and safely running projects, while bp is good at offshore energy.
The joint venture will use the two companies’ extensive knowledge in engineering, technology, and project management, as well as their established procurement skills and connections.
JERA Nex bp has chosen London as its new headquarters. The company is run by a highly experienced management team made together of people from both partners, who have knowledge of both global and local markets.
Mr Takehiko Matsuo, Japan’s Vice-Minister for International Affairs, Ministry of Economy, Trade and Industry, said: “The collaboration between Japanese and UK companies, both with outstanding expertise, experience, and capabilities, is especially meaningful. As one of the world’s leading offshore wind energy companies, a key role in promoting offshore wind on the global stage is strongly expected.”
Sharon Hodgson MP, UK Trade Envoy to Japan, added: “It’s great that bp and JERA Nex have completed their UK-headquartered joint venture, making them one of the world’s largest offshore wind developers and operators. This marks another strong example of UK-Japan collaboration, highlighting its growing role in advancing clean energy solutions.”
