BP enters deal to lead and operate the 26 GW Asian Renewable Energy Hub (AREH)
Date
June 21, 2022
Type
M&A Transactions
Subtype
Transaction agreement announced
Countries
Australia
Subsectors
Photovoltaic
Onshore Wind
Hydrogen
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BP plc has entered into an agreement to acquire a 40.5% equity stake and lead and operate the Asian Renewable Energy Hub (AREH) in Pilbara region, Australia.
The AREH project envisages a total generating capacity of up to 26 GW, including the 14 GW of electrolyzers that are powered by 16 GW of wind turbines and 10 GW of solar photovoltaic (PV) farms. Once operational, the project is expected to produce 1.6 million tonnes of green hydrogen or 9 million tonnes of green ammonia per year.
BP will take over operations on July 1, 2022, subject to regulatory approvals. The other shareholders in the AREH project are InterContinental Energy (26.4%), CWP Global (17.8%), Macquarie Capital and Macquarie's Green Investment Group (15.3%).
