A&O Shearman advising JERA through first completion of JERA Nex bp joint venture

Since the joint venture was agreed in December 2024, A&O Shearman recently guided JERA through the first completion of the transaction. The joint venture will officially commence operations as a 50:50 standalone entity on August 4, 2025, and will bring together the expertise, development pipelines, and offshore wind assets of both parent companies.

JERA Nex bp is poised to own and operate the fifth largest offshore wind portfolio globally, with each partner contributing a balanced mix of operating assets and development projects which have a total potential net generating capacity of 13 GW. JERA and bp have agreed to provide capital funding for investments committed to before end of 2030 of up to USD5.8 billion.

By leveraging the combined strengths, assets, and global networks of JERA and bp, the joint venture aims to accelerate project development, enhance access to financing, and play a pivotal role in advancing the energy transition across key markets in Europe, Asia-Pacific, and beyond. The joint portfolio will span nine jurisdictions including Australia, Belgium, Germany, Ireland, Japan, Taiwan, and the UK.

"We are proud to continue our collaboration with JERA as this new joint venture with bp helps shape the future of offshore wind development and builds on the significant progress made in the energy transition in the last decade," said Richard Evans, lead energy and infrastructure partner at A&O Shearman. "The large, multi-jurisdictional team involved in this transaction highlights A&O Shearman's ability to guide our clients through their most transformative business endeavors."

The A&O Shearman team was led by London-based partners Richard Evans, Mitchell Ikoghode, and Stephen Mathews, with support from anti-trust partner Dominic Long, tax partner Tim Harrop, employment partner Sarah Henchoz, and partner Nigel Parker on data, IP, and transition services aspects; anti-trust counsel Jessica Bowring; senior associates Harry de Lacey, Andrew Boyce, Ed Lucas, Magnus Yadi, and Stephen Brown; associates Ailise Boyle, Laura Green, Lucy King, Alexander Westin-Hardy, Clement Moylan, Andrew Pang, Sadia Khan, Nicholas Phillips, and Ellie Shepherd; and trainees Eleanor Hyde and Lea Andersen.

Key support for the transaction was provided Tokyo-based energy and infrastructure corporate partners Tokutaka Ito, Hitomi Komachi, and Taro Nakashima, senior associates Kotaro Tsukui and Yuki Ojima and associate Shiori Nishizawa; Sydney-based corporate partners David Christensen and Michael Parshall and Perth-based associate Fraser Cull; Brussels-based partner Gauthier van Thuyne; Antwerp-based partner Wouter Van De Voorde, senior associates Bert Verhoeven and Alexander Pirard and associates Alexandre Coulon and Dries Remeysen; Amsterdam-based partner Joyce Leemrijse and associate Ishara Gamage; Hamburg-based partner Max Landshut and associate Juliana Palavra Gorgueira; and Frankfurt-based partner Udo Olgemoeller.