JERA and bp have completed the formation of JERA Nex bp, their new 50:50-owned joint venture (JV).
JERA Nex bp is a global offshore wind developer, owner and operator. The new company’s portfolio of operating assets and development projects has a net potential generating capacity of 13GW. This includes around 1GW of installed net generating capacity, a 7.5GW development pipeline and an additional 4.5GW of secured leases.
JERA Nex bp will initially focus on disciplined and prioritized development of projects from its existing global pipeline while continuing to safely and efficiently operate existing assets in Europe and Asia. It will also seek to continuously prioritize and optimize its portfolio of projects based on value and will leverage access to external capital and competitive financing.
Nathalie Oosterlinck, CEO 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.'
With the transaction completed on August 1, JERA Nex bp Japan – dedicated to developing and operating projects in Japan – has also been established, with Masato Yamada, former Managing Executive Officer of JERA, appointed as CEO. He will report to the CEO of JERA Nex bp.
bp and JERA share a long-standing partnership. JERA Nex bp brings together both companies’ complementary strengths – uniting JERA’s expertise in delivering and safely operating projects with bp’s experience in offshore energy.
The JV will leverage the pair’s deep engineering, technical and project management expertise, as well as established procurement capabilities and relationships.
JERA Nex bp has selected its new headquarters in London and is led by a highly experienced management team drawn from both partners, bringing insights into both global access 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.'
Source: Jera Nex bp
