BP will merge its offshore wind-energy business with that of Japanese power-utility JERA to create a standalone company, in line with the British company’s strategy to focus on its more profitable oil-and-gas operations.

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.

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.