BP Forms $5.8 Billion Offshore Wind Joint Venture with JERA

The oil giant shifts focus back to fossil fuels, reducing its renewable energy investments while collaborating with Japan's largest power producer.

BP has partnered with Japan's JERA to create a 50-50 joint venture, JERA Nex BP, combining their offshore wind assets with a potential generation capacity of 13 gigawatts.
The move marks BP's retreat from its earlier commitment to offshore wind, as the company focuses on higher-return oil and gas projects under CEO Murray Auchincloss.
BP's planned spending on offshore wind has been reduced from $10 billion to $5.8 billion by 2030, with the joint venture taking a capital-light approach to funding projects.
The joint venture includes two planned wind projects off the UK coast and others in Europe, Australia, and Japan, aiming to create one of the world's largest offshore wind developers.
This shift follows similar moves by rivals Shell and Equinor, as rising costs and supply chain challenges strain the offshore wind sector.