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.

BP and Japanese power generator JERA have agreed to join forces to form one of the world's largest offshore wind operators, a major step in CEO Murray Auchincloss' efforts to reduce BP's focus on renewables.

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.