BP has completed the acquisition of a 40.5% stake and operatorship in the Asian Renewable Energy Hub (AREH) green hydrogen project in the Pilbara region, in Western Australia. With this acquisition, whose amount was not disclosed, BP becomes the majority shareholder in the project (40.5%), in partnership with InterContinental Energy (26.4%), CWP Global (17.8%) and Macquarie Capital and Macquarie’s Green Investment Group (15.3%).
The project, renamed Australia Renewable Energy Hub, aims to produce up to 1.6 Mt/year of green hydrogen or 9 Mt/year of ammonia thanks to up to 26 GW of combined wind and solar capacity (over 90 TWh/year, i.e., around 1/3 of the Australian power generation in 2020). So far, the Western Australian Government has given environmental approval to the first stage of the project including 15 GW of solar and wind capacity. The project may enter into construction in 2026, with first hydrogen exports in 2027-2028.
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