The capital investment to deliver the full scale of the project "is likely to be in the tens of billions of dollars", said BP. PHOTO: AFP
SINGAPORE - Global energy company BP said on Wednesday (June 15) that it has agreed to buy a 40.5 per cent stake in what is billed as one of the world’s largest renewable energy and green hydrogen fuel projects.
BP said it would also operate the Asian Renewable Energy Hub (Areh) in the Pilbara region of Western Australia.
The project is still in the planning stages, but if fully developed, it would have up to 26 gigawatts of wind and solar power capacity that would be used to produce 1.6 million tonnes of green hydrogen or 9 million tonnes of ammonia a year, much of which would be exported. Exports are forecast to start late this decade.
The project area will cover 6,500 sq km of desert, or about 8.5 times the area of Singapore, and the 26GW is just over double the Republic’s operating power generation capacity.
Major partners include renewable energy firm CWP Global and InterContinental Energy, a leading green hydrogen developer. Singapore’s sovereign wealth fund GIC is an investor in privately owned InterContinental Energy, which is also developing mega-scale hydrogen projects in the Middle East.
“Having BP as a major consortium partner is certainly a game changer for the project and sends a signal to the world that the global energy giants are now seeing clearly the business opportunity in transitioning to green power and fuels,” Mr Alex Hewitt, co-founder and chief executive of CWP Global, told The Straits Times.
He said at full capacity, Areh will require upwards of US$30 billion (S$41.8 billion) in project finance.
Ms Anja-Isabel Dotzenrath, BP’s executive vice-president of gas and low carbon energy, said: “Areh is set to be one of the largest renewable and green hydrogen energy hubs in the world and can make a significant contribution to Australia and the wider Asia-Pacific region’s energy transition.” The Straits Times - link - David Fogarty - link - more like this (green H2) - link - more like this (Singapore) - link - more like this (Australia) - link
The project is still in the planning stages, but if fully developed, it would have up to 26 gigawatts of wind and solar power capacity that would be used to produce 1.6 million tonnes of green hydrogen or 9 million tonnes of ammonia a year, much of which would be exported. Exports are forecast to start late this decade.
The project area will cover 6,500 sq km of desert, or about 8.5 times the area of Singapore, and the 26GW is just over double the Republic’s operating power generation capacity.
Major partners include renewable energy firm CWP Global and InterContinental Energy, a leading green hydrogen developer. Singapore’s sovereign wealth fund GIC is an investor in privately owned InterContinental Energy, which is also developing mega-scale hydrogen projects in the Middle East.
“Having BP as a major consortium partner is certainly a game changer for the project and sends a signal to the world that the global energy giants are now seeing clearly the business opportunity in transitioning to green power and fuels,” Mr Alex Hewitt, co-founder and chief executive of CWP Global, told The Straits Times.
He said at full capacity, Areh will require upwards of US$30 billion (S$41.8 billion) in project finance.
Ms Anja-Isabel Dotzenrath, BP’s executive vice-president of gas and low carbon energy, said: “Areh is set to be one of the largest renewable and green hydrogen energy hubs in the world and can make a significant contribution to Australia and the wider Asia-Pacific region’s energy transition.” The Straits Times - link - David Fogarty - link - more like this (green H2) - link - more like this (Singapore) - link - more like this (Australia) - link
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