BP and JERA merge their offshore wind businesses to form JERA Nex BP, investing $5.8 billion by 2030 to become a major player in renewable energy.

London-based BP PLC (NYSE: BP), which has its U.S. headquarters in Houston, is spinning out its offshore wind business into an equally owned joint venture with Jera Co. Inc., Japan’s largest power company, after a breakdown of BP’s previous offshore wind joint venture.

BP's head of offshore wind Matthias Bausenwein is leaving the company, a spokesperson told Reuters on Monday, after the oil major announced it was spinning off its offshore wind operations into a joint venture with Japanese power firm JERA.