BP acquires 40.5% stake in Australian green hydrogen project

• 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.