JERA and bp form offshore venture

A&O Shearman has advised JERA, the Japan-based energy giant, on forming a joint venture with bp to merge their offshore wind businesses, establishing a new standalone company named JERA Nex bp. The venture aims to become a leading player in the global offshore wind market, combining JERA’s expertise and bp’s strengths to form a company with a substantial portfolio of projects and operational assets, amounting to a total net generating capacity of 13GW.

This partnership reflects the commitment of JERA and bp to advancing renewable energy solutions and supporting the global energy transition. The new company, JERA Nex bp, will focus on developing, owning, and operating offshore wind projects worldwide. The balanced portfolio of operational assets and development projects will position JERA Nex bp as one of the largest global offshore wind developers and operators.

The A&O Shearman team leading this significant deal in London included partners Richard Evans, Stephen Mathews, and Mitch Ikoghode. In addition, partner Wouter Van de Voorde provided essential guidance on the Belgian elements of the transaction, while the firm’s Tokyo team, led by partner Matthias Voss, advised on relevant Japanese aspects of the deal.

Richard Evans, Co-Head of the Global Infrastructure group at A&O Shearman, commented: “We were able to bring together a strong cross-border team to advise our client on this deal which will play an important part in the global energy transition.”

The collaboration between JERA and bp highlights the strategic importance of scaling offshore wind projects to meet global renewable energy targets. With both companies bringing together their technical know-how, operational experience, and financial commitment, JERA Nex bp is well-positioned to drive significant advancements in renewable energy infrastructure worldwide.

As global demand for clean energy increases, the establishment of JERA Nex bp signifies a meaningful step forward in the offshore wind sector, promising enhanced development of projects that will contribute significantly to sustainable energy goals across multiple regions.