JERA and BP have completed the formation of JERA Nex bp, their new 50-50 owned joint venture, with the new company’s portfolio of operating assets and development projects has a net potential generating capacity of 13 GW.
The portfolio includes around 1 GW of installed net generating capacity, a 7.5 GW development pipeline and an additional 4.5 GW 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.
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.
“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,” said Nathalie Oosterlinck, CEO of JERA Nex bp.