BP and Jera exit U.S. offshore wind project amid challenges under Trump-backed policies

[solar panel and wind turbine low angle against blue sky]
EMS-FORSTER-PRODUCTIONS

An offshore wind joint venture between BP Plc (NYSE:BP [https://seekingalpha.com/symbol/BP]) and Japan’s Jera Co. is set to shut down its U.S. operations amid mounting pressure on clean energy from the Trump administration.

JERA Nex bp—the merged offshore wind units of the two companies—said all team members in the U.S. market will leave in the coming months, according to a statement posted on its website [https://www.jnbp.com/update-on-us-operations/].

"The U.S. is a market with significant long-term potential for offshore wind... Unfortunately, in the present environment, we see no viable path to the development of our Beacon Wind project and have concluded, that we cannot continue our investment in the market," the company said.

"For now, we will continue to maintain the Beacon lease and wait for a more favourable moment to resume project development."

The firm had planned to build the 2.5-gigawatt Beacon wind farm off Massachusetts.

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