TOKYO — Japanese energy provider JERA and British oil major BP announced on Monday that they will merge their offshore wind power businesses under a 50-50 joint venture, as the industry confronts declining profits and soaring project costs.
The energy giants plan to set up a company named JERA Nex bp in the U.K. by next September after they gain approval from authorities. They will transfer assets in offshore wind, such as plants operated by JERA in Japan and Taiwan and those under preparation by BP in the U.K. and Germany.
