BP stake swoop to lead $36bn Asian Renewable Energy Hub green hydrogen mega-project
BP is poised to take a major stake in the Asian Renewable Energy Hub (AREH), one of the planet’s biggest projects to produce vast amounts of green hydrogen from wind and solar, Australian media reported.
The UK-based oil supermajor will imminently announce a deal for an about 30% equity stake in the $36bn AREH, which plans to tap 16GW of onshore wind and 10GW of PV for production of renewable H2 and ammonia, and become the project’s lead developer, according to The Australian.
The AREH is currently led by developers InterContinental Energy and CWP Global, while wind OEM Vestas and Macquarie are also stakeholders in the venture in Pilbara, Western Australia, which hopes to start producing power by 2027.
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