Norton Rose Fulbright advises bp on landmark offshore wind joint venture

Norton Rose Fulbright has successfully advised bp on its agreement to form a groundbreaking offshore wind joint venture (JV) with JERA CO., Inc, a deal that marks a significant milestone in the global offshore wind market. 

JERA Nex bp, headquartered in London, will be equally owned by bp and JERA CO., Inc. The partnership aims to capitalise on 13 gigawatts (GW) of potential net generating capacity, representing one of the largest offshore wind initiatives globally. With an impressive commitment of up to $5.8 billion in investments by 2030, this JV seeks to accelerate development, ensure competitive financing access, and drive substantial growth in offshore renewable energy projects.

A Strong Investment and Development Focus

The collaboration will see bp and JERA contribute substantial resources to the venture. Both companies will pool existing operating assets totalling approximately 1GW of net generating capacity, along with high-quality projects capable of 7.5GW and leases with 4.5GW of potential capacity. The initial focus for JERA Nex bp will be on advancing projects in North-West Europe, Australia, and Japan, while simultaneously developing a strong pipeline of long-term offshore projects in multiple regions.

bp’s commitment to renewable energy development through this JV highlights its strategy to scale up offshore projects globally and support decarbonisation efforts. Norton Rose Fulbright's multi-disciplinary team was pivotal in guiding bp through all facets of this strategic partnership.

Comprehensive Legal Support from Norton Rose Fulbright

The cross-border team at Norton Rose Fulbright, drawn from offices around the globe, provided comprehensive support for the deal. The team was led by Chris Grieves, a London-based partner, and included experts across multiple disciplines, ensuring seamless advice throughout every aspect of the transaction. Key contributors included:

• Competition: Ian Giles (Partner) and Violetta Bourt (Brussels-based Counsel)
• Corporate: Sarah Tonks (Counsel), Chris Baird (Counsel), Akbar Khawaja (Senior Associate), Tayo Hagger-David, Katherine MacPhail, Dennis Ng (Associates)
• Employment: Catrina Smith (Partner), Nick Howard (Counsel), Emily Bailey (Associate)
• Environmental: Lucy Bruce Jones (Partner), Andrew Swarbrick (Associate)
• IP and Data Privacy: Mike Knapper, Marcus Evans (Partners), Fiona Bundy-Clarke (Counsel), Alex Redbourne, George Hairs (Associates)
• Litigation/Compliance: David Harris (Partner), Lubna Fahoum (Associate)
• Pensions: Lesley Browning (Partner), Graeme Tricker (Counsel), Suzie Kemp (Senior Associate)
• Projects: Melusi Dlamini (Partner), Charles Winch (Associate)
• Real Estate: Charles Pinkerton (Partner), Helen Finnis (Senior Associate)
• Tax: Matthew Hodkin (Partner), Fareed Muhammed (Counsel)

Norton Rose Fulbright’s efforts were further bolstered by support from the firm’s offices across Australia, Germany, Japan, and the Netherlands, showcasing a seamless integration of expertise from a truly global legal team.

A Future Shaped by Renewables

bp's strategic partnership with JERA through JERA Nex bp signifies a robust commitment to scaling offshore renewable projects on a global scale. The venture will play a crucial role in meeting global renewable energy targets, ensuring sustainability goals, and driving large-scale investments into offshore wind infrastructure.

This collaboration highlights the ongoing importance of offshore renewables in bp’s transition towards cleaner energy solutions, while Norton Rose Fulbright’s comprehensive advisory role underscores the firm’s strong capacity to support large-scale, cross-border renewable energy initiatives with legal expertise spanning corporate, environmental, and operational domains.

With this JV, both bp and JERA are set to contribute significantly to global offshore wind development, advancing projects that will shape sustainable energy infrastructure while bolstering economies across continents.