bp in talks to acquire stake in one of world’s largest green energy projects
The initiative is led by the Asian Renewable Energy Hub and aims to produce 1.8 million tons of the fuel yearly.
bp is reportedly in talks to participate in a 36 billion dollar green hydrogen project located in Western Australia and managed by the Asian Renewable Energy Hub (AREH). According to a report by local media The Australian, the London-based company is set to become the development’s operator.
The AREH is working to get government approvals for the project, which aims to produce 1.8 million tons of the fuel yearly. The initiative seeks to install 26 gigawatts of solar and wind capacity over a 2,500 miles stretch of the Pilbara region and is set to commence exporting operations by 2027.
Vestas Wind Systems A/S and InterContinental Energy are currently the only partners for the project. The initial proposals for the development were rejected by Australian authorities due to its environmental impact, but the developers already stated last year that they are seeking to resume talks with the government to get the process back on track.
The project ranks as one of the largest planned green energy facilities in the world. The initial worries from authorities were related to its impact on native species’ habitats and the disruption of tidal movements.
This would be one of the most important steps for bp in the diversification of its energy production. Recently, the firm announced two new partnerships related to alternative fuels: The launch of a fast EV chargers network alongside Volkswagen and the exploration of offshore wind development with Marubeni, both proof of the company’s interest in the alternatives fuel market.
