BP acquires controlling stake in Australian renewables project

Oil major buys 40.5pc share in Asian Renewable Energy Hub, which will supply power to local mines and produce green hydrogen and ammonia

BP has acquired a 40.5pc equity stake in and become operator of the Asian Renewable Energy Hub (AREH)—a planned 26GW onshore wind and solar project in Australia that will also produce green hydrogen. AREH, in the Pilbara region of Western Australia (WA), was first proposed in 2014 and developed by green hydrogen firm Intercontinental Energy, renewables developer CWP Global and financial services firm Macquarie Capital, which will retain a 26.4pc, 17.7pc and 15.3pc share in the project respectively. Danish wind firm Vestas has sold its stake. The project intends to supply renewable power to local mining firms and produce either 1.6mn t/yr of green hydrogen or 9mn t/yr of green ammonia from 14