BP and Japanese power generator JERA have agreed to form a standalone joint venture combining their offshore wind operations, a major step in CEO Murray Auchincloss' efforts to reduce BP's focus on renewables.
BP's retreat from offshore wind reflects a similar trend by rivals Shell and Equinor which are trying to boost near-terms profits by spending more on higher-return oil and gas operations.
The 50-50 venture, called JERA Nex BP, will include operating assets and development projects with a potential generation capacity of 13 gigawatts, the two companies said in a statement.
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