The European Commission has approved the creation of Snowmass Holdings Ltd, a 50:50 joint venture of JERA Nex (a fully-owned subsidiary of the Japanese group JERA, owned by the Japanese power utilities TEPCO and Chubu Electric) and of BP Gamma (a fully-owned subsidiary of the UK's BP group). The joint venture will combine both companies offshore wind businesses with a total potential capacity of 13 GW, of which 1 GW corresponds to operating assets, 7.5 GW to projects in development and 4.5 GW to potential capacity in secured leases. The company plans to initially focus on the development, construction, and operation of its existing offshore wind projects in North-West Europe, Australia, and Japan.
In December 2024, JERA and BP announced the creation of a JERA Nex bp joint venture with a capital of about US$5.8bn provided by the partners to finance investments before the end of 2030, to accelerate the development of its combined pipeline and to improve its access to competitive financing.