BP acquires 40.5% stake in Australian green hydrogen project
The hub is expected to provide power to local customers
• The hub is expected to provide power to local customers
Oil and gas firm BP (NYSE: BP) will take a 40.5% equity stake in the Asian Renewable Energy Hub, located in the Pilbara region of Western Australia.
The project has been planned for Australia. It will develop up to 26 GW of combined solar and wind generating capacity and will cover an area of 6,500 square kilometers.
In a press release, the oil giant said the project had “the potential to be one of the largest renewables and green hydrogen hubs in the world.”
“At full capacity, AREH is expected to be capable of producing around 1.6 million tonnes of green hydrogen or 9 million tonnes of green ammonia, per annum,” BP said.
The firm said it would assume operatorship of the project on July 1, adding that this was “subject to approvals.”
Source - BP
Also Read:
