06:58 AM EST, 12/09/2024 (MT Newswires) -- BP (BP) and Japanese power generation company Jera said Monday they are forming Jera Nex bp, a London-based joint venture to integrate their offshore wind businesses.

Both companies will own a 50% stake each in the venture, the parties said, adding that they have agreed to invest up to $5.8 billion before the end of 2030.

The new business will initially focus on current projects in North-West Europe, Australia, and Japan, BP and Jera added.

Jera will nominate the chief executive, while BP will nominate the finance chief of the entity, which is expected to be formed by the end of Q3 next year, according to the companies.

Shares of BP rose 4% in recent Monday premarket activity.