BP Forms Offshore Wind JV With Japanese Utility Company Jera, Plans To Launch By Q3

BP plc (NYSE:BP) disclosed a 50-50 offshore wind joint venture with Jera Co., Inc.

The entity will be led by CEO Nathalie Oosterlinck, currently CEO of Jera Nex. It aims to fast-track development by leveraging combined project pipelines and enhancing access to competitive financing.

The joint venture will oversee operating and development assets with a potential net generating capacity of 13GW across Europe, Asia Pacific, and the US.

The joint venture is subject to regulatory approvals and is expected to launch by the end of the third quarter of 2025. 

Jera CEO Yukio Kani says the JV “brings together the best characteristics of both companies and has the experience and expertise to lead this next phase of development in offshore wind energy.”

”With the backing of two strong shareholders with a long history of cooperation, and with an exciting and globally diversified development portfolio we are confident JERA Nex bp will play a critical role in the energy transition in Japan, the UK and beyond."  

Last month, BP reported sales and other operating revenues of $45.7 billion, missing the consensus of $47.511 billion and underlying RC profit per American Depositary Share came in at 44 cents, missing the consensus of 47 cents.

BP anticipates upstream production to be lower than the fourth quarter of 2024.

Investors can gain exposure to the stock via Texas Capital Texas Oil Index ETF (NYSE:OILT) and Precidian ETFs Trust BP plc ADRhedged (BATS:BPH).

Price Action: BP shares are up 0.60% at $31.90 premarket the last check Friday.

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