bp has agreed to acquire a 40.5 per cent equity stake in and to become operator of the Asian Renewable Energy Hub (AREH). AREH, in the Pilbara region of Western Australia, intends to supply renewable power to local customers in the mining region and also produce green hydrogen and green ammonia for the domestic Australian market and export to international users.
AREH has plans to develop onshore wind and solar power generation in multiple phases to a total generating capacity of up to 26GW. First proposed in 2014, the AREH project has been developed to date by partners that currently comprise InterContinental Energy, CWP Global and Macquarie Capital and Macquarie’s Green Investment Group. Under the terms of agreement, bp will acquire a 40.5% interest in the project and will assume operatorship from 1 July 2022, subject to approvals. The other partner shareholders in AREH will continue to be InterContinental Energy (26.4%), CWP Global (17.8%) and Macquarie Capital and Macquarie’s Green Investment Group (15.3%).
