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Energy

BP buys into Australian wind, solar, hydrogen megaproject

Development could become one of the world's biggest producers of green hydrogen

Global oil giant BP is increasingly shifting from fossil fuels to cleaner energy.   © Reuters

MELBOURNE (Reuters) -- BP has agreed to buy a 40.5% stake and become the 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 of wind and solar power capacity which could be used to produce 1.6 million tons of green hydrogen -- hydrogen produced from renewable energy -- or 9 million tons a year of ammonia.

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