BP shifts offshore wind to joint venture amid retreat from renewables

Energy company’s deal with Japan’s Jera will allow it to focus on exploiting oil and gas assets

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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.