British energy giant BP and Japanese powerhouse JERA Co., Inc. have agreed to establish a joint venture (JV) focused on offshore wind energy.
The newly formed entity, named JERA Nex bp, will be equally owned by both companies and is set to become one of the world's largest developers, owners, and operators in the offshore wind sector, "Caspian Energy Media" reports.
JERA Nex bp will combine operational assets and development projects with a total potential capacity of 13 GW of clean energy. The partners have committed to investing up to $5.8 billion in the new joint venture by the end of 2030.
