Jera, BP to Merge Offshore Wind Power Operations

Tokyo, Dec. 9 (Jiji Press)--Japanese power generation company Jera Co. said Monday that it has agreed to merge offshore wind power generation operations with British energy giant BP PLC.

Jera, equally owned by a unit of Tokyo Electric Power Company Holdings Inc. and Chubu Electric Power Co., will establish a fifty-fifty joint venture with BP at the end of September 2025.

The two sides will invest up to 5.8 billion dollars in the joint venture by the end of 2030 in a bid to accelerate the development of offshore wind power generation projects.

While offshore wind power generation is expected to become a main source of renewable energy, its business environment is deteriorating due to soaring prices worldwide.

By joining forces, Jera and BP aim to expand the scale of their operations in an effort to boost their ability to raise funds and procure materials and equipment.

[Copyright The Jiji Press, Ltd.]