BP shifts offshore wind to joint venture amid retreat from renewables

BP has no wind farms yet generating power, but has prospects to generate as much as 10 GW. Photograph: Ben Birchall/PA

BP has agreed a deal worth up to £4.5bn to build offshore windfarms with Japan’s biggest power producer, in a shift that will allow it to gain some access to zero-carbon wind energy while focusing on fossil fuels.

The FTSE 100 company will create a 50-50 joint-venture with the Japanese power generator Jera to combine their offshore wind assets, the companies announced on Monday.