The company also plans to operate the Asian Renewable Energy Hub, which aims to generate up to 26GW of wind and solar energy
BP has bought 40.5% of the Asian Renewable Energy Hub, slated for construction in Western Australia’s Pilbara region.BP has bought 40.5% of the Asian Renewable Energy Hub, slated for construction in Western Australia’s Pilbara region.Last modified on Wed 15 Jun 2022 00.02 BSThas bought 40.5% of a renewable energy hub in the Pilbara, billed as having potential to become one of the biggest suppliers of green hydrogen in the world.
No financial details of the deal were announced, with a BP spokesperson saying the amount invested was commercial in confidence.However, market sources said that because Areh was at an early stage it was currently worth less than $100m. The company’s executive vice-president of gas and low carbon energy, Anja-Isabel Dotzenrath, said Areh could become a “cornerstone project”.Sign up to receive the top stories from Guardian Australia every morning
“It also reflects our belief that Australia has the potential to be a powerhouse in the global energy transition, benefiting from both its existing infrastructure and abundant renewable energy resources.”
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