BP takes over Australian hydrogen project with 26 GW generation capacity
Post date: 16/06/2022 - 15:22
Effective July 1, energy group BP will acquire a 40.5 percent stake in the Asian Renewable Energy Hub (AREH) and also become the project’s operator. The hub, which has been underway since 2014 for a 6,500-square-kilometer area in the Pilbara region in the Australian state of Western Australia, is expected to have an annual capacity of 1.6 million metric tons of green hydrogen or 9 million metric tons of ammonia when completed. For this purpose, the installation of wind and solar power plants with a total capacity of 26 gigawatts is planned, which in addition to hydrogen electrolysis will also supply the surrounding mines: The region is home to the world’s second-largest iron ore deposit. AREH’s annual electricity production is estimated at 90 terawatt hours, about one-third of the total amount generated in Australia today.
The companies previously involved in the project will remain part-owners. InterContinental Energy will hold 26.4 percent, CWP Global 17.8 percent, and Macquarie Capital and its subsidiary Green Investment Group 15.3 percent, according to a BP statement. BP did not provide details on the financial terms of the transaction. The timetable for the project has also not been specified so far.