BP, Japan's JERA to Invest Up to $5.8 Billion to Create Offshore Wind JV

By Christian Moess Laursen

British energy giant BP and Japanese power-generation company JERA will invest $5.8 billion to create a global offshore wind-energy joint venture.

The companies said Monday that the standalone company will have 13 gigawatt of potential net generating capacity.

The formation of the equally-owned company, to be called JERA Nex BP, is intended to further the development of existing assets and boost the partners' access to financing, the companies said.

BP and JERA have agreed to invest up to $5.8 billion before the end of 2030.

JERA is itself a 50-50 owned joint venture between Tokyo Electric Power Company, known as Tepco, and Chubu Electric Power.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

12-09-24 0520ET