Iberdrola promises EUR-3bn investment into green hydrogen
May 25, 2022 15:50 CESTMay 13 (Renewables Now) - BP Plc (LON:BP) is planning to buy “a major stake” in the 26-GW Asian Renewable Energy Hub (AREH) project in Pilbara, Western Australia, The Australian reported earlier this week.
The UK oil and gas group has allegedly negotiated the deal with the project partners – green fuels company Intercontinental Energy, renewable energy projects developer CWP Global, wind turbine maker Vestas Wind Systems A/S (CPH:VWS) and Macquarie Group Ltd (ASX:MQG). People familiar with the matter have told the daily that BP has also agreed to become the project’s operator once the deal is finalised.
According to The Australian, BP is likely to buy a 30% interest in the project. The acquisition was expected to be announced at the World Hydrogen Summit held this week in Rotterdam.
The massive USD-36-billion (EUR 34.6bn) AREH envisages the installation of some 14 GW of electrolysers, powered by 16 GW of wind turbines and another 10 GW of solar photovoltaic (PV) capacity. Most of the electricity produced at the site will be used to power green hydrogen and ammonia production for export and domestic consumption.
The project’s website says that construction is planned to be launched in 2026, with first exports expected in 2027-2028.
(USD 1.0 = EUR 0.962)
Iberdrola promises EUR-3bn investment into green hydrogen
May 25, 2022 15:50 CESTBavaria presses ahead with plan for hydrogen centre
May 25, 2022 14:14 CESTJohnson Matthey, BP technologies picked for Spanish synthetic fuels plant
May 25, 2022 14:04 CESTCorre Energy raises EUR 11m to support storage growth
May 25, 2022 13:12 CESTUPDATE - EDPR, Lhyfe to jointly work on green hydrogen projects
May 24, 2022 13:27 CESTMasdar to buy into BP's large Teesside green hydrogen project in UK
May 24, 2022 11:11 CEST