Friday Dec 02, 2022

BP buys into Australian wind, solar, hydrogen mega-project – Reuters.com

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Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel

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MELBOURNE, June 15 (Reuters) – BP plc (BP.L) has agreed to buy a 40.5% stake and become operator of an Australian renewable energy project that could become one of the world’s biggest producers of green hydrogen, the global oil major said, without disclosing how much it paid.

The Asian Renewable Energy Hub (AREH) in outback Western Australia would develop up to 26 gigawatts (GW) of wind and solar power capacity which could be used to produce 1.6 million tonnes of green hydrogen – hydrogen produced from renewable energy – or 9 million tonnes a year of ammonia into which hydrogen is super chilled to allow its transport by ship.

The project’s co-founders, privately owned InterContinental Energy and CWP Global, are counting on BP to jump-start AREH, which has been set back by Australian government concerns about damage to wetlands.

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The project fits with BP’s push away from fossil fuels to clean energy and could advance its aim to grab a 10% share of the global hydrogen market, said Anja-Isabel Dotzenrath, BP’s executive vice president of gas and low carbon energy.

BP expects hydrogen to account for 10% to 15% of global energy by 2050 and is looking into several other large-scale hydrogen and ammonia export hubs around the world, Dotzenrath told Reuters.

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Source: https://www.reuters.com/business/energy/bp-buys-into-australian-wind-solar-hydrogen-mega-project-2022-06-14/

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