BP seeks to buy into 26-GW Asian Renewable Energy Hub - report

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)

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