
Japan’s largest power generator JERA and the British oil giant BP will, by the end of September 2025, merge their offshore wind businesses into a 50:50 joint venture JERA Nex bp, the two companies announced on December 9, 2024.
The new joint venture is initially planning to focus on the JERA and BP’s existing projects in Europe, Australia, and Japan, which include approximately 1GW of operating and 7.5GW of under development assets, as well as leases secured for further 4.5GW. To advance the projects and explore new opportunities, the two companies plan to invest a combined $5.8 billion by the end of 2030.
In Japan, JERA’s operational 112MW Ishikari Bay New Port Offshore Wind Farm commissioned on January 1, 2024, and under development 315MW Oga-Katagami-Akita project will be integrated into the new joint venture. The former was developed jointly with Green Power Investment Corporation while the latter is being developed jointly with J-POWER, Tohoku Electric Power, and Itochu.
While BP has no operational offshore wind project in Japan, it has been reported that the company participated in the third round offshore wind auction, bidding for a project in Yamagata Prefecture together with Marubeni, Kansai Electric Power, and Tokyo Gas. Results of the auction are expected to be announced before the end of this year.
The new joint venture is expected to strengthen the position of both JERA and BP in the offshore wind industry amid growing supply chain related challenges and increasing costs. The latest issue of The Japan Power Industry Executive monthly report outlined the Japanese government’s planned measures to counter those trends.