Oil and gas giant BP has become the largest shareholder in the Asian Renewable Energy Hub (AREH).
The company will take a 40.5% stake and become the operator of potentially the largest renewable energy and green hydrogen hubs in the world.
The project is taking place in the Pilbara region, Western Australia on a 6,500 square kilometre site.
The AREH plans to develop wind and solar power generation that will be equivalent to a third of the electricity generated in Australia. At full capacity the it project is expected to be able to produce 1.6 million tonnes of green hydrogen or 9 million tonnes of green ammonia per annum.
AREH is expected to abate around 17 million tonnes of carbon in domestic and export markets annually.
(Source: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-to-lead-and-operate-one-of-the-worlds-largest-renewables-and-green-hydrogen-energy-hubs-based-in-western-australia.html)