BP forms offshore wind JV with Japan's JERA in renewables retreat

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BP forms offshore wind JV with Japan's JERA in renewables retreat - Business Standard

Quick Summary:

Reuters reported in October that BP was considering selling a minority stake in its offshore wind business, citing sources with knowledge of the matter.

The partners have agreed to provide up to $5.8 billion in funding for projects approved by the joint venture by 2030, with BP contributing up to $3.25 billion and JERA paying up to $2.55 billion as BP's assets in the JV have yet to be developed.

It later spun out its renewables assets into JERA Nex, which owns and operates wind farms in Europe, Asia and Australia."We can't grow just by ourselves.